📊 Technical Analysis | July 24, 2026
â– Market Overview
The current market remains dominated by U.S. dollar strength, yen weakness, and elevated crude oil prices, while equities, Bitcoin, and precious metals are under selling pressure.
In FX, USD/JPY has climbed to 163.80 and is showing strong buy signals on the 5-minute, 15-minute, and daily charts. USD/CHF is also on strong buy signals across all timeframes, confirming that broad dollar demand remains firmly in place.
By contrast, EUR/USD is showing strong sell signals across all timeframes, while GBP/USD is also weak on the short-term and daily charts. The major dollar pairs remain broadly tilted toward further dollar strength.
The euro and sterling are particularly weak, leaving selling rallies as the preferred strategy.
Among the yen crosses, NZD/JPY is showing strong buy signals across all timeframes, while AUD/JPY remains bullish on the 15-minute, hourly, and daily charts.
The broader yen-weakening trend remains intact, although short-term selling in EUR/JPY and CAD/JPY indicates that some profit-taking is emerging at elevated levels.
In commodities, WTI crude oil remains near recent highs at 89.94, with the daily chart still on a strong buy signal.
Gold and silver, however, remain on strong daily sell signals, leaving precious metals vulnerable to selling on rallies.
In equities, the S&P 500, Nasdaq 100, DAX, CAC 40, and Nikkei 225 are all weak from the hourly through the daily timeframe.
The correction across global equity markets is becoming increasingly pronounced, particularly in the DAX, CAC 40, and Nikkei 225.
â– Currency Markets
USD/JPY
USD/JPY is trading at 163.80.
The 5-minute and 15-minute charts are showing strong buy signals, the hourly chart is neutral, and the daily chart remains on a strong buy signal.
The combination of dollar strength and yen weakness remains firmly in place, with the daily structure continuing to favor the upside.
However, intervention concerns are likely to intensify further in the upper 163 area.
The technical bias remains bullish, but waiting for a pullback is preferable to chasing the market at elevated levels.
Traders should remain alert to the risk of a sudden decline and wait for a clearer short-term pullback structure before entering.
USD/CHF
USD/CHF is trading at 0.8176.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
It is currently the clearest expression of broad dollar strength in the FX market.
Together with USD/JPY, the pair confirms that demand for the dollar remains strong across multiple currencies.
Buying on pullbacks remains the preferred strategy, although a short-term correction after the recent sharp rise cannot be ruled out.
EUR/USD
EUR/USD is trading at 1.1379.
The pair is showing strong sell signals across all timeframes.
Euro weakness and dollar strength are reinforcing each other, creating an exceptionally bearish technical structure.
With selling signals aligned from the short-term charts through the daily timeframe, a clear reversal would be needed before considering long positions.
For now, selling rallies remains the preferred approach.
GBP/USD
GBP/USD is trading at 1.3322.
The 5-minute and 15-minute charts are showing strong sell signals, the hourly chart is neutral, and the daily chart remains on a strong sell signal.
Sterling remains weak against the dollar, with the daily structure confirming a clear downtrend.
Although the hourly chart is neutral, the combination of short-term and daily weakness continues to favor selling rallies.
Any rebound is likely to face renewed selling pressure at higher levels.
AUD/USD and NZD/USD
AUD/USD is trading at 0.6989.
The 5-minute chart is showing a strong sell signal, the 15-minute chart is neutral, while the hourly and daily charts remain on buy signals.
The pair is facing short-term pressure from the stronger dollar, but the broader hourly and daily structures remain relatively resilient.
NZD/USD is trading at 0.5788.
The 5-minute chart is on a sell signal, the 15-minute and hourly charts are on buy signals, and the daily chart is neutral.
The Australian and New Zealand dollars are not as weak as the euro or sterling, but near-term upside remains limited.
AUD/NZD is showing strong short-term sell signals, while the hourly chart remains on a buy signal.
The New Zealand dollar has recovered somewhat in the near term, although the broader direction remains unstable.
Yen Crosses
The broader yen-weakness trend remains intact on the daily charts.
The strongest yen crosses are:
NZD/JPY
AUD/JPY
GBP/JPY
NZD/JPY is trading at 94.81 and is showing strong buy signals across all timeframes.
It is currently the strongest yen cross.
AUD/JPY is trading at 114.48 and is showing strong buy signals on the 15-minute, hourly, and daily charts.
GBP/JPY is trading at 218.21, with a buy signal on the hourly chart and a strong buy signal on the daily chart.
EUR/JPY is trading at 186.40.
The pair remains on a strong daily buy signal, but the short-term charts are showing strong sell signals.
CAD/JPY is trading at 116.30.
The daily chart remains on a strong buy signal, while the short-term charts are showing strong selling pressure.
The yen-weakness trend remains intact, but several crosses are undergoing corrections at elevated levels.
CHF/JPY is showing strong sell signals across all timeframes and remains the weakest yen cross.
EUR/GBP
EUR/GBP is trading at 0.8542.
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 remain weak against the dollar, although the euro is slightly weaker against sterling in the short term.
The daily chart offers little directional conviction, but the shorter timeframes continue to favor selling rallies.
â– Commodity Markets
Gold
XAU/USD is trading at 4,054.57.
The 5-minute chart is showing a strong sell signal, the 15-minute chart is on a sell signal, the hourly chart remains on a buy signal, and the daily chart is on a strong sell signal.
Gold futures are trading at 4,056.60 and show a similar structure, with short-term selling, an hourly buy signal, and a strong daily sell signal.
Selling pressure remains dominant on both the short-term and daily charts, indicating that the previous rebound has once again lost momentum.
Although the hourly chart still shows some strength, long positions are more suitable for short-term trading only.
The broader structure remains vulnerable to selling on rallies.
Silver
XAG/USD is trading at 58.2640.
The 5-minute chart is showing a strong sell signal, the 15-minute chart is on a sell signal, the hourly chart is on a strong buy signal, and the daily chart remains on a strong sell signal.
Silver futures show the same pattern, with strong short-term selling, a strong hourly buy signal, and a daily sell signal.
As with gold, weakness remains clear on both the short-term and daily charts.
The hourly rebound has not yet changed the broader bearish trend.
Further improvement on the daily chart is needed before considering silver to be in a sustainable uptrend.
WTI Crude Oil
WTI crude oil is trading at 89.94.
The 5-minute and 15-minute charts are showing strong buy signals, the hourly chart is neutral, and the daily chart remains on a strong buy signal.
The market continues to hold near the $90 area, confirming that the broader uptrend remains intact.
WTI remains one of the strongest markets in the current environment.
However, the $90 area is also vulnerable to short-term overheating.
The upside bias remains dominant, but waiting for a pullback is preferable to chasing the market after an extended rise.
Natural Gas
Natural gas is trading at 2.904.
The 5-minute and 15-minute charts are showing strong buy signals, while the hourly chart is on a sell signal and the daily chart remains on a strong sell signal.
A short-term rebound is underway, but the broader structure remains weak.
Selling rallies continues to be the preferred strategy on the daily timeframe.
The energy complex remains sharply divided, with crude oil strong and natural gas weak.
Bitcoin
BTC/USD is trading at $65,000.
The 5-minute, 15-minute, and hourly charts are all showing strong sell signals, while the daily chart is neutral.
The previous bullish momentum on the daily chart has faded, and selling pressure is now clear from the short-term charts through the hourly timeframe.
For now, traders should focus more on downside risk than on buying the dip.
At minimum, a clear short-term reversal signal would be needed before considering new long positions.
â– Equity Markets
U.S. Equities
The Dow Jones is trading at 51,711.65.
The 5-minute chart is on a buy signal, the 15-minute chart is on a sell signal, the hourly chart is showing a strong sell signal, and the daily chart is neutral.
A short-term rebound is underway, but selling pressure remains strong on the hourly chart and upside momentum is limited.
The S&P 500 is trading at 7,408.30.
The 5-minute chart is showing a strong buy signal, the 15-minute chart is on a sell signal, and both the hourly and daily charts are showing strong sell signals.
The short-term rebound has not changed the broader bearish structure.
Selling rallies remains the preferred approach.
The Nasdaq 100 is trading at 28,454.81.
The 5-minute chart is showing a strong buy signal, the 15-minute chart is on a sell signal, and both the hourly and daily charts remain on strong sell signals.
Technology shares continue to underperform within the U.S. equity market.
Even if short-term rebounds occur, the strong daily sell signal argues for caution toward long positions.
European Equities
The DAX is trading at 24,932.14.
The 5-minute and 15-minute charts are showing strong sell signals, while the daily chart is also on a strong sell signal.
It remains one of the weakest major European indices.
The UK 100 is trading at 10,660.49.
The short-term charts are showing strong sell signals, while the daily chart remains on a strong buy signal.
The broader structure is still relatively firm, although a clear short-term correction is underway.
The CAC 40 is trading at 8,321.08.
The 5-minute, 15-minute, and hourly charts are showing strong sell signals, while the daily chart is also on a sell signal.
The DAX and CAC 40 remain the weakest European indices, while the UK 100 continues to show greater resilience on the daily timeframe.
Japanese Equities
The Nikkei 225 is trading at 64,611.15.
The 5-minute chart is showing a strong buy signal, the 15-minute chart is neutral, while the hourly and daily charts remain on strong sell signals.
The index is rebounding in the short term, but the broader medium-term and daily structures remain bearish.
The Nikkei continues to rank among the weakest major equity markets.
â– Strength Ranking
S Tier
USD/CHF
USD/JPY
WTI Crude Oil
NZD/JPY
EUR/CHF
A Tier
AUD/JPY
GBP/JPY on the daily chart
AUD/USD on the hourly chart
NZD/USD on the hourly chart
UK 100 on the daily chart
B Tier
Natural gas on short-term charts
Dow Jones on short-term charts
S&P 500 on short-term charts
Nasdaq 100 on short-term charts
Nikkei 225 on short-term charts
â– Weakness Ranking
S Tier
EUR/USD
CHF/JPY
Bitcoin on short-term charts
DAX
CAC 40
A Tier
GBP/USD
Gold on the daily chart
Silver on the daily chart
S&P 500 on the daily chart
Nasdaq 100 on the daily chart
Nikkei 225 on the daily chart
B Tier
EUR/JPY on short-term charts
CAD/JPY on short-term charts
AUD/NZD on short-term charts
Natural gas on the daily chart
Dow Jones on the hourly chart
â– Market Theme
The main market themes are U.S. dollar strength, yen weakness, elevated crude oil prices, and weakness in global equities.
In FX, USD/CHF is showing strong buy signals across all timeframes, while USD/JPY has risen into the upper 163 area.
The broader dollar-buying trend therefore remains intact.
EUR/USD, by contrast, is showing strong sell signals across every timeframe, confirming a clear combination of euro weakness and dollar strength.
GBP/USD is also weak on the short-term and daily charts, leaving the major dollar pairs broadly tilted toward further dollar gains.
Among the yen crosses, NZD/JPY is showing strong buy signals across all timeframes, while AUD/JPY also remains firm.
The broader yen-weakness trend continues, although EUR/JPY and CAD/JPY are facing short-term selling pressure, meaning the rise in yen crosses is no longer completely uniform.
In commodities, crude oil remains strong near $90, while gold and silver remain on strong daily sell signals.
Capital is therefore favoring crude oil over precious metals.
In equities, the S&P 500, Nasdaq 100, DAX, CAC 40, and Nikkei 225 remain weak from the hourly through the daily timeframe, confirming that the broader correction in global equities is intensifying.
â– Trading Strategy
Buying Bias
USD/CHF
USD/JPY
WTI Crude Oil
NZD/JPY
EUR/CHF
Buy-on-Dip Candidates
AUD/JPY
GBP/JPY on the daily chart
AUD/USD on the hourly chart
NZD/USD on the hourly chart
UK 100 on the daily chart
Sell-on-Rally Candidates
EUR/USD
GBP/USD
CHF/JPY
Bitcoin on short-term charts
DAX
CAC 40
S&P 500 on the daily chart
Nasdaq 100 on the daily chart
Nikkei 225 on the daily chart
Markets Requiring Caution
USD/JPY has risen into the upper 163 area and remains technically bullish.
However, intervention concerns are now extremely elevated, and the risk of a sudden decline must not be ignored.
WTI crude oil remains strong near $90, but short-term overheating is also becoming more visible.
The upside bias remains dominant, although waiting for a pullback is preferable to entering after an extended move.
Gold and silver are rebounding on the hourly charts, but their daily charts remain on strong sell signals.
Selling rallies remains the more natural strategy than buying at current levels.
Bitcoin is showing strong sell signals from the short-term charts through the hourly timeframe, while the daily chart has weakened to neutral.
A clear reversal signal is needed before considering long positions.
Several equity indices are showing short-term rebounds, but the S&P 500, Nasdaq 100, DAX, CAC 40, and Nikkei 225 remain weak from the hourly through the daily timeframe.
Selling rallies remains the preferred approach.
â– Summary
The current market is being driven by U.S. dollar strength, yen weakness, elevated crude oil prices, and weakness in global equities.
The strongest markets are:
USD/CHF
USD/JPY
WTI Crude Oil
NZD/JPY
EUR/CHF
The weakest markets are:
EUR/USD
CHF/JPY
Bitcoin on short-term charts
DAX
CAC 40
Overall, the preferred strategy is to buy pullbacks in stronger markets such as USD/CHF, USD/JPY, crude oil, NZD/JPY, and EUR/CHF, while looking to sell rallies in weaker markets such as EUR/USD, GBP/USD, Bitcoin, European equities, U.S. technology shares, and Japanese equities.
