Technical Analysis | July 17, 2026
■ Market Overview
The main themes in today’s market are higher crude oil prices, stronger sterling, strength in CAD/JPY and CHF/JPY, and weakness in gold, silver, the Nasdaq 100, and the Nikkei 225.
In the FX market, USD/JPY is trading at 162.31. The daily chart remains strongly bullish, but selling pressure is dominant from the short-term charts through the hourly timeframe. The broader yen weakness trend remains intact, although upside momentum has weakened above 162.
Meanwhile, CHF/JPY and CAD/JPY are showing strong buy signals across every timeframe, making them the strongest yen crosses.
GBP/JPY, EUR/JPY, AUD/JPY, and NZD/JPY remain strongly bullish on the daily chart, but short-term and hourly signals have turned bearish, indicating an ongoing correction.
Among the dollar pairs, GBP/USD continues to show a strong daily buy signal, although the hourly chart is strongly bearish. EUR/USD, AUD/USD, and NZD/USD are also showing weakness on short-term and hourly charts, leaving the overall dollar-pair picture somewhat unstable.
In commodities, WTI crude remains above $80 and is strongly bullish on both the hourly and daily charts, making it one of the strongest instruments in the market.
In contrast, gold and silver remain extremely weak. Silver is showing strong sell signals across every timeframe.
In equities, the FTSE 100 is the strongest major index, with strong buy signals on the hourly and daily charts. The Nasdaq 100, DAX, and Nikkei 225 remain weak on both the hourly and daily timeframes, confirming that the broader equity correction is still underway.
■ Currency Markets
USD/JPY
USD/JPY is trading at 162.31.
The 5-minute and 15-minute charts are showing strong sell signals. The hourly chart is neutral, while the daily chart remains strongly bullish.
The broader dollar strength and yen weakness trend remains intact on the daily timeframe, but short-term selling pressure is clear.
The 162 area is also a level where concerns over possible Japanese intervention tend to increase.
Even though the larger uptrend remains in place, chasing prices higher at current levels requires caution.
Rather than entering solely on the strength of the daily signal, it is preferable to wait for short-term selling pressure to stabilize and confirm a pullback entry.
USD/CHF
USD/CHF is trading at 0.8071.
The 5-minute through hourly charts are showing strong sell signals, while the daily chart is neutral.
The strong dollar momentum seen previously has weakened.
Compared with USD/JPY, USD/CHF is clearly softer across short- and medium-term timeframes.
This suggests that the market is not experiencing broad-based dollar strength. Instead, current FX moves are being driven more by yen weakness and individual currency performance.
EUR/USD
EUR/USD is trading at 1.1433.
The 15-minute and hourly charts are showing strong sell signals, while the daily chart is neutral.
Only the 5-minute chart is currently bullish, but the broader short-term picture remains heavy.
The neutral daily trend suggests the pair has not entered a major breakdown, but selling into rallies remains the more appropriate approach for now.
GBP/USD
GBP/USD is trading at 1.3440.
Short-term and hourly signals remain bearish, while the daily chart is strongly bullish.
Sterling’s medium- and long-term strength remains intact, but the pair is currently undergoing a short-term correction.
For bullish positions, it would be preferable to wait until selling pressure eases and the 15-minute or hourly chart turns positive again.
AUD and NZD
AUD/USD is trading at 0.6975.
The 5-minute chart is strongly bullish, the hourly chart is strongly bearish, and the daily chart remains bullish.
Short-term and daily support remain in place, but strong hourly selling pressure is creating an unstable directional picture.
NZD/USD is trading at 0.5833.
The daily chart remains strongly bullish, but the hourly chart is strongly bearish.
Like AUD/USD, the medium- and long-term trend remains constructive, while short-term and hourly charts show an active correction.
AUD/NZD is strongly bearish on both the hourly and daily charts, confirming that the New Zealand dollar remains stronger than the Australian dollar.
Yen Crosses
Many yen crosses remain strong on the daily timeframe, but short-term corrections are becoming increasingly visible.
The strongest pairs are:
CHF/JPY
CAD/JPY
CHF/JPY is trading at 201.14 and is showing strong buy signals across every timeframe.
CAD/JPY is trading at 115.74 and is also strongly bullish across all timeframes.
In contrast, EUR/JPY, GBP/JPY, AUD/JPY, and NZD/JPY remain strongly bullish on the daily chart but are bearish from the short-term through hourly timeframes.
This suggests that the broader yen weakness trend remains intact, but the yen crosses are currently undergoing a short-term correction.
EUR/GBP
EUR/GBP is trading at 0.8507.
The hourly chart is strongly bullish, while the daily chart remains strongly bearish.
The euro is showing a short-term rebound, but the broader trend continues to favor euro weakness and sterling strength.
From a daily perspective, selling into rallies remains the preferred strategy.
■ Commodity Markets
Gold
XAU/USD is trading at 3,992.07.
The 5-minute, 15-minute, and daily charts are showing strong sell signals.
Gold futures are trading at 3,998.90 and are also strongly bearish on the short-term and daily charts.
Gold has fallen below the $4,000 level, confirming continued weakness across the precious metals market.
The hourly chart is neutral, but with the daily trend still strongly bearish, selling into rallies remains preferable to buying dips.
Silver
XAG/USD is trading at 55.3735.
Strong sell signals are present across every timeframe.
Silver futures are trading at 55.612 and are also strongly bearish on all timeframes.
Silver is one of the weakest instruments in the current analysis.
It is even weaker than gold, and there is still no meaningful technical confirmation of a reversal.
Selling into rallies remains the primary strategy.
Crude Oil
WTI crude is trading at 80.67.
The 15-minute, hourly, and daily charts are all showing strong buy signals.
Crude oil remains exceptionally strong, continuing the trend seen in the previous analysis.
WTI is holding above $80 and remains the clear leader in the commodity market.
The 5-minute chart is neutral, but with bullish signals aligned from the 15-minute chart onward, buying on pullbacks remains the preferred strategy.
However, given the elevated price level, traders should remain alert to short-term overbought conditions.
Natural Gas
Natural gas is trading at 2.880.
Short-term charts are strongly bullish, while the daily chart remains strongly bearish.
The market is rebounding in the short term, but the larger trend remains weak.
Unlike crude oil, natural gas remains within a daily downtrend.
Long positions are suitable only for short-term trading, while selling into rallies remains the preferred daily strategy.
Bitcoin
BTC/USD is trading at $63,346.
The 5-minute and 15-minute charts are strongly bullish, while the hourly and daily charts are strongly bearish.
Bitcoin is rebounding in the short term but remains weak across medium-term and daily timeframes.
The current structure reflects a conflict between a short-term recovery and a broader daily downtrend.
Given the strongly bearish daily signal, selling into rallies remains more technically aligned than chasing the rebound.
■ Equity Markets
U.S. Stocks
The Dow Jones is trading at 52,552.97.
The 5-minute chart is strongly bullish, the hourly chart is strongly bearish, and the daily chart remains bullish.
Although a short-term rebound is underway, the hourly correction remains active.
The S&P 500 is trading at 7,533.77.
The daily chart remains strongly bullish, while the 15-minute and hourly charts are bearish.
The broader trend remains positive, but short- and medium-term upside momentum has weakened.
The Nasdaq 100 is trading at 29,025.77.
Both the hourly and daily charts are strongly bearish.
It is currently the weakest of the major U.S. equity indices, reflecting strong selling pressure across technology shares.
European Stocks
The DAX is bearish on both the hourly and daily charts.
The CAC 40 is strongly bearish on the hourly chart and bearish on the daily chart.
European equities remain broadly weak. Even where short-term rebounds occur, selling pressure remains in place across medium-term and daily timeframes.
The FTSE 100, however, is strongly bullish on both the hourly and daily charts.
It is the only major European index showing clear and sustained strength, standing in sharp contrast to the DAX and CAC 40.
Japanese Stocks
The Nikkei 225 is trading at 64,141.12.
The 5-minute chart is strongly bullish, while the hourly and daily charts are strongly bearish.
A short-term rebound is underway, but the medium-term and daily technical picture remains extremely weak.
Alongside the Nasdaq 100, the Nikkei belongs to the weakest group among the major equity indices.
■ Strength Ranking
S Rank
WTI Crude Oil
CHF/JPY
CAD/JPY
FTSE 100
GBP/USD Daily
A Rank
USD/JPY Daily
EUR/JPY Daily
GBP/JPY Daily
AUD/JPY Daily
NZD/JPY Daily
S&P 500 Daily
B Rank
Dow Jones Daily
Natural Gas Short-Term
Bitcoin Short-Term
EUR/GBP Hourly
AUD/USD Daily
NZD/USD Daily
■ Weakness Ranking
S Rank
Silver
Gold
Nasdaq 100
Nikkei 225
EUR/JPY Short-Term
A Rank
GBP/JPY Short-Term
AUD/JPY Short-Term
NZD/JPY Short-Term
USD/CHF Short-Term
EUR/CHF Short-Term
Bitcoin Daily
B Rank
DAX
CAC 40
S&P 500 Short-Term
Dow Jones Hourly
Natural Gas Daily
AUD/NZD Daily
■ Market Theme
The main themes in the current market are higher crude oil prices, weaker precious metals, and a short-term correction across yen crosses.
WTI crude remains above $80 and is strongly bullish on both the hourly and daily charts. It is clearly the strongest commodity in the market.
In contrast, gold and silver remain extremely weak. Silver is strongly bearish across every timeframe, confirming that selling pressure continues to dominate the precious metals market.
In FX, the broader yen weakness trend remains intact on the daily charts.
However, EUR/JPY, GBP/JPY, AUD/JPY, and NZD/JPY are all being sold from the short-term through hourly timeframes, showing that a correction is underway across the yen crosses.
In equities, the FTSE 100 remains strong, while the Nasdaq 100 and Nikkei 225 are weak.
The gap between stronger and weaker equity markets is becoming increasingly pronounced.
■ Trading Strategy
Bullish
WTI Crude Oil
CHF/JPY
CAD/JPY
FTSE 100
GBP/USD Daily
Buy on Pullbacks
USD/JPY Daily
EUR/JPY Daily
GBP/JPY Daily
AUD/JPY Daily
NZD/JPY Daily
S&P 500 Daily
Sell on Rallies
Silver
Gold
Nasdaq 100
Nikkei 225
Bitcoin Daily
AUD/NZD Daily
Markets Requiring Caution
WTI crude remains exceptionally strong, but prices are elevated above $80.
The bullish direction remains favored, but waiting for a pullback is preferable to entering at current highs.
USD/JPY and the major yen crosses remain bullish on the daily charts, but short-term selling pressure is active.
Even if the broader yen weakness trend continues, it is preferable to wait for the correction to stabilize.
Gold and silver remain clearly bearish.
Selling into rallies is currently preferable to attempting to buy a reversal.
Bitcoin is rebounding in the short term, but the daily chart remains strongly bearish.
From a technical perspective, selling into rallies is more consistent with the broader trend than pursuing short-term long positions.
The Nasdaq 100 and Nikkei 225 are bearish through the daily timeframe and remain difficult markets to buy.
■ Summary
The current market is defined by higher crude oil prices, weaker precious metals, and a correction across yen crosses.
The strongest markets are WTI crude, CHF/JPY, CAD/JPY, and the FTSE 100.
In contrast, silver, gold, the Nasdaq 100, the Nikkei 225, and Bitcoin on the daily timeframe remain weak and continue to favor selling into rallies.
Overall, the preferred approach is to buy pullbacks in strong crude oil, selected yen crosses, and U.K. equities, while selling rallies in weak precious metals, the Nasdaq 100, the Nikkei 225, and Bitcoin.
