Technical Analysis | July 23, 2026
■ Market Overview
The current market is being driven by rising crude oil prices, broad U.S. dollar strength, and weakness in U.S. equities.
In FX, USD/JPY has climbed to 163.37 and is showing strong buy signals on the 15-minute, hourly, and daily charts. USD/CHF is also on strong buy signals across all monitored timeframes, confirming that dollar demand remains extremely strong.
By contrast, EUR/USD, GBP/USD, AUD/USD, and NZD/USD are under selling pressure from the short-term charts through the hourly timeframe, leaving the major dollar pairs broadly tilted toward further dollar strength.
EUR/USD and GBP/USD are particularly weak, with strong sell signals across all timeframes, highlighting clear underperformance in both the euro and sterling.
Among the yen crosses, CAD/JPY remains exceptionally strong and continues to show strong buy signals through the daily timeframe.
EUR/JPY, GBP/JPY, and AUD/JPY also remain bullish on the daily charts, although short-term selling pressure suggests that some consolidation is taking place within the broader yen-weakening trend.
In commodities, WTI crude oil has risen to 90.60 and is showing strong buy signals across all timeframes. It is the strongest market in the current technical structure.
Gold, silver, and natural gas are all under selling pressure, with silver showing strong sell signals across every timeframe.
In equities, U.S. stocks, European equities, and the Nikkei 225 are all facing short- and medium-term selling pressure.
The S&P 500 and UK 100 remain on strong daily buy signals, but their shorter-term charts are showing more pronounced corrections.
The Nasdaq 100 and Nikkei 225 are currently the weakest major equity indices.
■ Currency Markets
USD/JPY
USD/JPY is trading at 163.37.
The 5-minute chart is neutral, while the 15-minute, hourly, and daily charts are all showing strong buy signals.
The combination of yen weakness and dollar strength remains firmly in place, keeping USD/JPY at the center of the FX market.
The technical structure remains clearly bullish, but intervention concerns are likely to intensify further now that the pair is trading above 163.
The uptrend remains intact, although waiting for a pullback is preferable to chasing the market at elevated levels.
USD/CHF
USD/CHF is trading at 0.8154.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
It is one of the clearest expressions of current dollar strength.
Together with USD/JPY, the pair confirms that demand for the U.S. dollar remains broad-based.
Buying on pullbacks remains the preferred strategy.
EUR/USD
EUR/USD is trading at 1.1403.
The pair is showing strong sell signals across all timeframes.
Euro selling and dollar buying are reinforcing each other, creating an exceptionally weak technical structure.
With bearish signals fully aligned from the short-term charts through the daily timeframe, selling rallies remains the preferred approach.
GBP/USD
GBP/USD is trading at 1.3364.
The pair is also showing strong sell signals across all timeframes.
Sterling’s previous strength has faded, and the technical structure has shifted decisively bearish.
GBP/USD is being heavily affected by the broader rise in the dollar, and a clear reversal signal would be required before considering long positions.
For now, the pair remains a sell-on-rally candidate.
AUD/USD and NZD/USD
AUD/USD is trading at 0.6996.
The 5-minute, 15-minute, and hourly charts are showing strong sell signals, while the daily chart remains on a strong buy signal.
The pair is under pressure from short-term dollar strength, although the daily chart still reflects underlying resilience in the Australian dollar.
NZD/USD is trading at 0.5793.
The short-term and hourly charts are showing strong sell signals, while the daily chart is neutral.
NZD/USD is weaker than AUD/USD, with its previous upside momentum continuing to fade.
In the short term, both AUD/USD and NZD/USD remain vulnerable to selling on rallies.
AUD/NZD is showing strong buy signals through the hourly timeframe, confirming that the Australian dollar is outperforming the New Zealand dollar.
Yen Crosses
Many yen crosses remain strong on the daily chart, although short-term corrections are becoming more visible.
The strongest pairs are:
CAD/JPY
GBP/JPY
AUD/JPY
EUR/JPY
CAD/JPY is trading at 116.03 and remains bullish from the short-term charts through the daily timeframe.
GBP/JPY is trading at 218.33, with strong buy signals on both the hourly and daily charts.
AUD/JPY is also showing strong buy signals on the hourly and daily charts.
EUR/JPY remains on a strong daily buy signal, although the shorter timeframes are showing strong sell signals.
The broader yen-weakness trend remains intact, but profit-taking is emerging across several crosses at elevated levels.
CHF/JPY is showing strong sell signals across all timeframes and is currently the weakest yen cross.
EUR/GBP
EUR/GBP is trading at 0.8534.
The 5-minute and 15-minute charts are showing strong sell signals, the hourly chart is on a sell signal, and the daily chart is neutral.
Both the euro and sterling are weak against the dollar, but the euro is slightly weaker against the pound in the short term.
Selling rallies remains the preferred approach, although the neutral daily chart argues against chasing the move too aggressively.
■ Commodity Markets
Gold
XAU/USD is trading at 4,086.75.
The short-term and hourly charts are showing strong sell signals, while the daily chart is neutral.
Gold futures are trading at 4,087.85 and are also showing strong sell signals from the short-term charts through the hourly timeframe.
The previous rebound has lost momentum, and selling pressure has returned.
Although the daily chart remains neutral, the weakness through the hourly timeframe means that further confirmation would be needed before considering long positions.
For now, gold remains vulnerable to selling on rallies.
Silver
XAG/USD is trading at 58.5600.
The pair is showing strong sell signals across all timeframes.
Silver futures are also showing strong sell signals from the short-term charts through the hourly timeframe, while the daily chart remains on a sell signal.
Silver is clearly weaker than gold and stands out as the weakest market within the precious metals complex.
Selling rallies remains preferable to buying at current levels.
WTI Crude Oil
WTI crude oil is trading at 90.60.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
WTI remains the strongest market in the current technical structure.
The move above $90 confirms that the crude oil uptrend has strengthened further.
With bullish signals fully aligned across all timeframes, buying on pullbacks remains the clearest strategy.
However, prices are also elevated following a sharp advance, making it preferable to wait for a pullback rather than entering after an extended move.
Natural Gas
Natural gas is trading at 2.951.
The short-term charts are showing strong sell signals, while the daily chart also remains on a strong sell signal.
The hourly chart is neutral, but the broader structure remains weak.
In contrast to crude oil, natural gas continues to trade in a downtrend.
The energy complex is therefore showing a clear divergence, with crude oil strong and natural gas weak.
Bitcoin
BTC/USD is trading at $65,726.
The daily chart remains on a strong buy signal, while the short-term charts are showing sell signals.
The hourly chart is neutral, leaving the near-term direction somewhat unstable.
The broader bullish structure remains intact, but short-term profit-taking is weighing on the market.
For long positions, it would be preferable to wait until the short-term selling pressure eases and a clearer pullback setup develops.
■ Equity Markets
U.S. Equities
The Dow Jones is trading at 52,218.58.
The 5-minute through hourly charts are showing strong sell signals, while the daily chart is neutral.
A clear short- and medium-term correction is underway.
The S&P 500 is trading at 7,498.96.
The 5-minute and 15-minute charts are showing strong sell signals, while the daily chart remains on a strong buy signal.
The broader uptrend is still intact, but upside momentum has weakened considerably in the short term.
The Nasdaq 100 is trading at 28,998.10.
The 5-minute, 15-minute, and hourly charts are showing strong sell signals, while the daily chart is also on a sell signal.
It is currently the weakest U.S. equity index.
Selling pressure remains concentrated in technology shares, and a clear reversal signal would be needed before considering long positions.
European Equities
The DAX is showing strong sell signals on the 15-minute and hourly charts, while the daily chart remains on a buy signal.
The short- and medium-term correction is pronounced, although the broader bullish structure has not yet been fully broken.
The UK 100 remains on a buy signal on the hourly chart and a strong buy signal on the daily chart.
It is currently the most resilient major European index.
The CAC 40 is showing strong sell signals from the short-term charts through the hourly timeframe, while the daily chart is neutral.
Overall, the UK 100 remains firm, while the DAX and CAC 40 are undergoing more visible short-term corrections.
Japanese Equities
The Nikkei 225 is trading at 66,374.
The short-term and hourly charts are showing sell signals, while the daily chart is also on a sell signal.
Along with the Nasdaq 100, the Nikkei remains one of the weakest major equity indices.
Short-term rebounds have lacked momentum, and selling rallies remains the preferred approach.
■ Strength Ranking
S Tier
WTI Crude Oil
USD/CHF
USD/JPY
CAD/JPY
AUD/NZD
A Tier
GBP/JPY on the daily chart
AUD/JPY on the daily chart
EUR/JPY on the daily chart
S&P 500 on the daily chart
UK 100 on the daily chart
Bitcoin on the daily chart
B Tier
EUR/CHF on the daily chart
DAX on the daily chart
AUD/USD on the daily chart
NZD/USD on the daily chart
■ Weakness Ranking
S Tier
Silver
EUR/USD
GBP/USD
Nasdaq 100
CHF/JPY
A Tier
Gold on short-term charts
Natural Gas
Nikkei 225
Dow Jones on short-term charts
S&P 500 on short-term charts
CAC 40 on short-term charts
B Tier
AUD/USD on short-term charts
NZD/USD on short-term charts
EUR/JPY on short-term charts
NZD/JPY on short-term charts
DAX on short-term charts
Bitcoin on short-term charts
■ Market Theme
The main market themes are rising crude oil prices, broad U.S. dollar strength, and weakness in U.S. equities.
WTI crude oil has advanced above $90 and is showing strong buy signals across all timeframes, making it the clearest source of strength in the market.
In FX, USD/CHF is on strong buy signals across every timeframe, while USD/JPY remains on strong buy signals from the 15-minute chart through the daily timeframe.
Dollar demand is therefore extremely clear.
EUR/USD and GBP/USD, by contrast, are showing strong sell signals across all timeframes, leaving the major dollar pairs heavily tilted toward further dollar strength.
Many yen crosses remain bullish on the daily chart, confirming that the broader yen-weakening trend is still intact.
However, EUR/JPY and NZD/JPY are showing strong short-term sell signals, indicating that some correction is taking place at elevated levels.
In commodities, crude oil remains overwhelmingly strong, while gold, silver, and natural gas remain weak.
This highlights a clear concentration of capital within the commodity complex.
In equities, the Nasdaq 100, short-term Dow Jones, short-term S&P 500, and Nikkei 225 remain weak, confirming that the broader correction in global equities is continuing.
■ Trading Strategy
Buying Bias
WTI Crude Oil
USD/CHF
USD/JPY
CAD/JPY
AUD/NZD
Buy-on-Dip Candidates
GBP/JPY on the daily chart
AUD/JPY on the daily chart
EUR/JPY on the daily chart
S&P 500 on the daily chart
UK 100 on the daily chart
Bitcoin on the daily chart
Sell-on-Rally Candidates
Silver
EUR/USD
GBP/USD
Nasdaq 100
CHF/JPY
Gold on short-term charts
Natural Gas
Nikkei 225
Markets Requiring Caution
WTI crude oil remains extremely strong, but prices have already climbed above $90, increasing the risk of short-term overheating.
The upside bias remains dominant, but waiting for a pullback is preferable to chasing the market.
USD/JPY has risen above 163, where intervention concerns are likely to intensify further.
Even with the technical structure still bullish, traders must remain alert to the risk of a sudden decline.
Gold and silver remain weak from the short-term charts through the hourly timeframe, with silver showing strong sell signals across all timeframes.
For now, selling rallies remains preferable to attempting to buy the decline.
The S&P 500 remains on a strong daily buy signal, but the short-term charts are showing strong sell signals.
Long positions are safer only after the current correction stabilizes.
The Nasdaq 100 is now bearish through the daily timeframe and remains the weakest major U.S. index.
A clear reversal signal is needed before considering new long positions.
■ Summary
The current market is being driven by rising crude oil prices, broad U.S. dollar strength, and weakness in U.S. equities.
The strongest markets are:
WTI Crude Oil
USD/CHF
USD/JPY
CAD/JPY
AUD/NZD
The weakest markets are:
Silver
EUR/USD
GBP/USD
Nasdaq 100
CHF/JPY
Overall, the preferred strategy is to buy pullbacks in strong markets such as crude oil, USD/CHF, USD/JPY, CAD/JPY, and AUD/NZD, while looking to sell rallies in weaker markets such as precious metals, EUR/USD, GBP/USD, the Nasdaq 100, and the Nikkei 225.
