Technical Analysis | July 23, 2026
■ Market Overview
The current market is being driven by continued U.S. dollar strength, yen weakness, and elevated crude oil prices, while U.S. equities and natural gas remain under pressure.
In FX, USD/JPY is trading at 163.69 and is showing strong buy signals across all timeframes. USD/CHF also remains bullish through the daily chart, confirming that broad dollar demand remains firmly in place.
By contrast, EUR/USD and GBP/USD are showing strong sell signals across all timeframes, leaving both the euro and sterling clearly weak against the dollar.
AUD/USD and NZD/USD are also under strong short-term selling pressure, meaning the major dollar pairs remain broadly tilted toward further dollar strength.
Among the yen crosses, CHF/JPY is bullish on the hourly and daily charts, while AUD/JPY, NZD/JPY, and GBP/JPY continue to hold daily buy signals.
However, short-term selling pressure remains visible, indicating that several yen crosses are undergoing corrections from elevated levels despite the broader yen-weakness trend.
In commodities, WTI crude oil is trading at 84.01 and continues to show a strong daily buy signal.
Although prices have corrected from above $90, the broader crude oil uptrend remains intact on the daily chart.
Natural gas, by contrast, is showing strong sell signals on both the hourly and daily charts, highlighting a clear divergence within the energy market.
In equities, the DAX, UK 100, and CAC 40 remain on strong buy signals on the hourly and daily charts, confirming notable strength in European markets.
The S&P 500 and Nasdaq 100, however, remain on strong sell signals on both the hourly and daily charts, with selling pressure continuing across U.S. equities.
■ Currency Markets
USD/JPY
USD/JPY is trading at 163.69.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong buy signals.
USD/JPY remains the central focus of the FX market.
Dollar buying and yen selling are occurring simultaneously, creating an exceptionally strong technical structure.
However, intervention concerns are likely to intensify further in the upper 163 area.
The upside bias remains dominant, but waiting for a pullback is preferable to chasing the market at elevated levels.
USD/CHF
USD/CHF is trading at 0.8156.
The 5-minute and 15-minute charts are showing strong buy signals, the hourly chart is on a buy signal, and the daily chart remains on a strong buy signal.
As with USD/JPY, the pair confirms the strength of broad dollar demand.
The overall structure remains bullish, making USD/CHF a clear buy-on-dip candidate.
EUR/USD
EUR/USD is trading at 1.1385.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong sell signals.
The combination of euro selling and dollar buying remains extremely clear.
With bearish signals aligned from the short-term charts through the daily timeframe, selling rallies remains the preferred approach.
At minimum, a short-term reversal signal would be needed before considering long positions.
GBP/USD
GBP/USD is trading at 1.3308.
The pair is also showing strong sell signals across all timeframes.
Sterling remains significantly weaker against the dollar, and the decline from the previous session is continuing.
As with EUR/USD, selling rallies remains the clearest strategy.
Any rebound is likely to face renewed selling pressure at higher levels.
AUD/USD and NZD/USD
AUD/USD is trading at 0.6995.
The 5-minute and 15-minute charts are showing strong sell signals, the hourly chart is on a sell signal, and the daily chart remains on a buy signal.
The pair retains some resilience on the daily timeframe, but short- and medium-term dollar strength is weighing heavily on the market.
NZD/USD is trading at 0.5786.
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 buying momentum continuing to fade.
AUD/NZD is showing strong buy signals across all timeframes.
The Australian dollar is clearly outperforming the New Zealand dollar, confirming AUD strength within the Oceania currency complex.
Yen Crosses
Many yen crosses remain bullish on the daily timeframe, although short-term corrections are becoming more visible.
The strongest pairs are:
AUD/JPY
NZD/JPY
CHF/JPY
CAD/JPY
AUD/JPY is trading at 114.51.
The hourly chart is on a buy signal, while the daily chart remains on a strong buy signal.
NZD/JPY is trading at 94.71.
The daily chart remains on a strong buy signal, but the short-term and hourly charts are showing strong sell signals.
CHF/JPY is trading at 200.71.
The hourly chart is showing a strong buy signal, while the daily chart remains on a buy signal.
CAD/JPY is trading at 116.03.
The shorter timeframes are bullish, the hourly chart is showing a strong sell signal, and the daily chart remains on a strong buy signal.
The broader yen-weakness trend remains intact, but short-term corrections are affecting many crosses.
EUR/GBP
EUR/GBP is trading at 0.8555.
The 15-minute and hourly charts are showing strong buy signals, while the daily chart remains on a buy signal.
Both the euro and sterling remain weak against the dollar, but the euro is currently outperforming sterling.
Sterling weakness is slightly more pronounced, making EUR/GBP a relatively clear buy-on-dip candidate.
■ Commodity Markets
Gold
XAU/USD is trading at 4,086.47.
The 5-minute and 15-minute charts are showing strong sell signals, while the hourly and daily charts are neutral.
Gold futures are trading at 4,089.70 and show the same structure, with strong short-term selling and neutral hourly and daily signals.
Selling pressure remains strong in the short term, with upside momentum clearly limited.
The neutral daily chart means the market cannot yet be described as being in a confirmed downtrend.
However, an improvement in the shorter timeframes would be needed before considering long positions.
Silver
XAG/USD is trading at 58.8295.
Selling pressure remains dominant from the short-term charts through the hourly timeframe, while the daily chart is neutral.
Silver futures show the same structure, with selling pressure through the hourly chart and a neutral daily signal.
As with gold, silver remains weak in the short term and is vulnerable to selling on rallies.
WTI Crude Oil
WTI crude oil is trading at 84.01.
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.
Although the market has corrected from above $90, the broader crude oil uptrend remains intact on the daily chart.
Short-term buying has also returned, suggesting that prices are rebounding from a pullback.
However, the mid-$80 area remains elevated.
The upside bias is intact, but waiting for a pullback is preferable to chasing the market.
Natural Gas
Natural gas is trading at 2.790.
The 5-minute chart is on a sell signal, the 15-minute chart is neutral, and both the hourly and daily charts are showing strong sell signals.
Short-term rebound momentum remains weak, while the broader trend continues to point lower.
In contrast to crude oil, natural gas remains a clear sell-on-rally market.
Bitcoin
BTC/USD is trading at $65,166.
The 5-minute and 15-minute charts are showing strong sell signals, while the hourly and daily charts are neutral.
Short-term selling pressure remains strong, extending the weakness seen previously.
The neutral daily chart suggests that the broader structure has not yet broken down completely.
However, a clear short-term reversal signal is needed before considering long positions.
For now, Bitcoin remains vulnerable to short-term selling on rallies.
■ Equity Markets
U.S. Equities
The Dow Jones is trading at 51,947.25.
The 5-minute chart is showing a strong buy signal, the 15-minute and hourly charts are neutral, and the daily chart remains on a sell signal.
A short-term rebound is underway, but weakness remains visible on the daily chart.
The S&P 500 is trading at 7,411.98.
The 5-minute chart is on a buy signal, while the 15-minute, hourly, and daily charts are all showing strong sell signals.
The short-term rebound remains limited, and the broader structure continues to favor selling rallies.
The Nasdaq 100 is trading at 28,128.34.
The 5-minute chart is on a sell signal, while the 15-minute, hourly, and daily charts are all showing strong sell signals.
It remains the weakest major U.S. equity index.
Selling pressure continues across technology shares, and a clear reversal signal would be needed before considering long positions.
European Equities
The DAX is trading at 25,496.31.
The 15-minute chart is on a buy signal, while the hourly and daily charts are showing strong buy signals.
The 5-minute chart remains on a strong sell signal, but the medium-term and daily structures are exceptionally strong.
The UK 100 is trading at 10,788.76.
The 15-minute chart is on a buy signal, while the hourly and daily charts are showing strong buy signals.
It remains one of the most resilient European indices and is a clear buy-on-dip candidate.
The CAC 40 is trading at 8,440.69.
The 15-minute chart is on a buy signal, while the hourly and daily charts are showing strong buy signals.
The DAX, UK 100, and CAC 40 are all strong on the hourly and daily charts, highlighting broad strength across European equities.
Japanese Equities
The Nikkei 225 is trading at 64,931.19.
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 sell signal.
A short-term rebound is underway, but the broader daily structure remains weak.
Further improvement on the daily chart is needed before considering the Nikkei to be in a sustainable uptrend.
■ Strength Ranking
S Tier
USD/JPY
USD/CHF
AUD/NZD
WTI Crude Oil
DAX
UK 100
CAC 40
A Tier
EUR/GBP
AUD/JPY on the daily chart
NZD/JPY on the daily chart
CAD/JPY on the daily chart
CHF/JPY on the hourly chart
EUR/CHF on the daily chart
B Tier
AUD/USD on the daily chart
Dow Jones on short-term charts
Nikkei 225 on short-term charts
Gold with a neutral daily chart
Silver with a neutral daily chart
■ Weakness Ranking
S Tier
EUR/USD
GBP/USD
Nasdaq 100
S&P 500
Natural Gas
A Tier
NZD/USD on short-term charts
AUD/USD on short-term charts
EUR/JPY on short-term charts
GBP/JPY on short-term charts
NZD/JPY on short-term charts
Bitcoin on short-term charts
B Tier
Gold on short-term charts
Silver on short-term charts
Nikkei 225 on the daily chart
Dow Jones on the daily chart
EUR/CHF on short-term charts
■ Market Theme
The main market themes are U.S. dollar strength, yen weakness, stronger European equities, and weaker U.S. equities.
In FX, USD/JPY and USD/CHF remain exceptionally strong, confirming that broad dollar demand is continuing.
EUR/USD and GBP/USD, by contrast, are showing strong sell signals across all timeframes, leaving the major dollar pairs clearly tilted toward further dollar strength.
Yen crosses remain bullish on the daily timeframe, confirming that the broader yen-weakening trend is intact.
However, short-term selling pressure remains widespread, indicating that several crosses are undergoing corrections from elevated levels.
In commodities, crude oil remains strong in the mid-$80 area and continues to hold a daily buy signal.
Natural gas remains weak on both the hourly and daily charts, highlighting a clear divergence within the energy complex.
In equities, the DAX, UK 100, and CAC 40 are strong on the hourly and daily charts, while the S&P 500 and Nasdaq 100 remain on strong sell signals.
The regional divergence between stronger European equities and weaker U.S. markets remains pronounced.
■ Trading Strategy
Buying Bias
USD/JPY
USD/CHF
AUD/NZD
WTI Crude Oil
DAX
UK 100
CAC 40
Buy-on-Dip Candidates
EUR/GBP
AUD/JPY on the daily chart
NZD/JPY on the daily chart
CAD/JPY on the daily chart
CHF/JPY on the hourly chart
EUR/CHF on the daily chart
Sell-on-Rally Candidates
EUR/USD
GBP/USD
Nasdaq 100
S&P 500
Natural Gas
Bitcoin on short-term charts
Gold on short-term charts
Silver on short-term charts
Markets Requiring Caution
USD/JPY is showing strong buy signals across all timeframes in the upper 163 area.
However, intervention concerns are likely to intensify significantly at current levels.
Even with the technical structure still bullish, traders should remain alert to the risk of a sudden decline.
WTI crude oil has corrected toward $84 but remains on a strong daily buy signal.
The broader uptrend remains intact, although volatility is likely to remain elevated at current levels.
EUR/USD and GBP/USD are showing strong sell signals across all timeframes.
With bearish signals aligned from the shortest charts through the daily timeframe, selling rallies remains the preferred strategy.
The S&P 500 and Nasdaq 100 are showing strong sell signals on both the hourly and daily charts.
Even if short-term rebounds occur, a clear reversal signal is needed before considering long positions.
European equities remain strong, while U.S. equities remain weak.
This regional divergence should remain an important consideration when trading global equity indices.
■ Summary
The current market is being driven by U.S. dollar strength, yen weakness, stronger European equities, and weaker U.S. equities.
The strongest markets are:
USD/JPY
USD/CHF
AUD/NZD
WTI Crude Oil
DAX
UK 100
CAC 40
The weakest markets are:
EUR/USD
GBP/USD
Nasdaq 100
S&P 500
Natural Gas
Overall, the preferred strategy is to buy pullbacks in stronger markets such as USD/JPY, USD/CHF, AUD/NZD, crude oil, and European equities, while looking to sell rallies in weaker markets such as EUR/USD, GBP/USD, U.S. equities, and natural gas.
