Today’s Technical Analysis 17 September 2026

Today’s Technical Analysis
17 September 2026

Market Overview

The main themes today are sharp short-term declines in crude oil and natural gas, weakness in US equities, yen buying, and the relative strength of the DAX and Nikkei 225.

WTI crude has fallen from the US$103 area to the US$100 area and is showing strong sell signals from the short-term charts through to the hourly chart. However, the daily chart remains strongly bullish, indicating that this is a correction within a medium- to long-term uptrend.

Natural gas has reversed sharply from strong buy signals across all timeframes yesterday to strong sell signals on the short-term and hourly charts. This represents the largest change in technical signals across the commodity markets.

US equity indices remain weak, with the Dow Jones, S&P 500 and Nasdaq 100 all under pressure. By contrast, the DAX and Nikkei 225 are bullish on the short-term and hourly charts, widening the divergence against US equities.

In FX, yen buying is pronounced. EUR/JPY, CHF/JPY, AUD/JPY and CAD/JPY show aligned sell signals across all timeframes. USD/CHF and EUR/CHF are strongly bullish across all timeframes, also highlighting broad Swiss franc weakness.

Changes Since the Previous Update

• Gold: 4,388.09 → 4,347.90, down around 0.9%
• Silver: 65.275 → 64.347, down around 1.4%
• WTI crude: 103.38 → 100.83, down around 2.5%
• Natural gas: 2.935 → 2.886, down around 1.7%
• Dow Jones: 52,093.11 → 51,461.90, down around 1.2%
• S&P 500: 7,585.73 → 7,551.81, down around 0.4%
• Nasdaq 100: 28,937.84 → 28,945.06, broadly unchanged
• DAX: 25,491.79 → 25,670.32, up around 0.7%
• FTSE 100: 10,721.74 → 10,717.66, broadly unchanged
• CAC 40: 8,133.17 → 8,156.76, up around 0.3%
• Nikkei 225: 63,982.00 → 64,261.00, up around 0.4%

Crude oil, natural gas and US equities are declining, while the DAX, CAC 40 and Nikkei 225 are advancing.

Commodity Markets

Gold: 4,347.90

The 5-minute and 15-minute charts show strong sell signals, the hourly chart remains strongly bullish, and the daily chart is strongly bearish.

Short-term selling has resumed following yesterday’s sharp rebound. However, the hourly buy signal remains intact, creating a conflict between the short-term decline and the hourly rebound.

The short-term bias is to sell rallies, while the hourly chart presents a potential buying-on-dips opportunity. The daily chart remains strongly bearish. The higher-probability setup would be to sell rallies in line with the daily trend once the hourly chart turns bearish.

Silver: 64.347

The 5-minute chart is bearish, the 15-minute chart is neutral, the hourly chart is strongly bullish, and the daily chart is strongly bearish.

As with gold, silver has entered a short-term correction following yesterday’s advance. The hourly rebound trend remains in place, but the daily trend is still downward.

If the 15-minute chart returns to a buy signal, the short-term rebound may continue. If it turns bearish, a resumption of selling on rallies in line with the daily trend would be indicated.

WTI Crude: 100.83

The 5-minute, 15-minute and hourly charts are all strongly bearish, while the daily chart remains strongly bullish.

WTI has fallen around 2.5% from the US$103 area, confirming a clear short-term correction. The daily uptrend remains intact, but it is too early to rush into buying on dips.

If crude holds above US$100 and the hourly chart turns bullish, it could become a buying-on-dips candidate. If it clearly breaks below US$100 and the daily chart deteriorates to neutral, the risk of an end to the uptrend would increase.

Natural Gas: 2.886

The 5-minute, 15-minute and hourly charts are strongly bearish, while the daily chart is neutral.

Natural gas has deteriorated rapidly after showing strong buy signals across all timeframes yesterday. This may be more than a pullback within an uptrend; the short-term trend itself may have reversed.

For now, buying on dips should be avoided. Selling on rallies or remaining on the sidelines is preferable until the hourly chart recovers to neutral or bullish territory.

Equity Indices

Dow Jones: 51,461.90

The 5-minute chart is bearish, while the 15-minute, hourly and daily charts are all strongly bearish.

The Dow has fallen around 1.2% from the previous update and is the weakest of the major US indices. With downside signals aligned from the short-term charts through to the daily chart, the basic strategy remains selling on rallies.

S&P 500: 7,551.81

The 5-minute chart is neutral, while the 15-minute, hourly and daily charts are strongly bearish.

The index appears to be stabilising in the very short term, but the higher-timeframe downtrend remains clear. A rebound in the 5-minute chart followed by renewed selling on the 15-minute chart would offer a potential sell-on-rallies setup.

Nasdaq 100: 28,945.06

The 5-minute chart is neutral, while the 15-minute, hourly and daily charts are strongly bearish.

Although the price is broadly unchanged from the previous update, technical conditions remain weak. The index is holding near 29,000, but selling on rallies remains favoured until the hourly chart improves to a buy signal.

DAX: 25,670.32

The 5-minute and daily charts are neutral, while the 15-minute and hourly charts are strongly bullish.

The DAX is advancing despite weak US equities and is one of the strongest major indices at present. It is a buying-on-dips candidate from an hourly-chart perspective.

However, the daily chart remains neutral, so a medium- to long-term uptrend has not yet been confirmed.

FTSE 100: 10,717.66

The 5-minute chart is strongly bearish, the 15-minute and daily charts are neutral, and the hourly chart is bullish.

The hourly uptrend remains intact, but the index is undergoing a short-term correction. If the 5-minute sell signal fades and the 15-minute chart turns bullish, it could become a buying-on-dips candidate.

CAC 40: 8,156.76

The 5-minute and 15-minute charts are neutral, the hourly chart is strongly bullish, and the daily chart is strongly bearish.

The hourly rebound continues, but it remains in conflict with the daily downtrend. Short-term buying may be possible, but the market is less suited to longer-term positions.

Nikkei 225: 64,261.00

The 5-minute and 15-minute charts are strongly bullish, the hourly chart is bullish, and the daily chart is bearish.

The short-term advance has continued from the previous day. Having regained 64,000, buying on dips is favoured on the short-term and hourly charts.

However, the daily chart remains bearish, leaving the medium- to long-term bias to the downside. If the short-term charts turn bearish, renewed selling on rallies in line with the daily trend should be considered.

FX Markets

EUR/USD: 1.1477

The 5-minute, 15-minute and hourly charts are neutral, while the daily chart is strongly bearish.

After falling below 1.1500, EUR/USD has lost short-term direction. The daily downtrend remains clear, so any short-term rebound could offer an opportunity to sell rallies.

GBP/USD: 1.3399

The 5-minute and 15-minute charts are strongly bullish, the hourly chart is neutral, and the daily chart is strongly bearish.

GBP/USD is rebounding within a daily downtrend. Signals may change rapidly around the Bank of England announcement, so confirmation from the hourly chart should take priority.

USD/JPY: 155.64

The 5-minute chart is bearish, the 15-minute chart is strongly bearish, and the hourly and daily charts are also bearish.

Although USD/JPY remains in the 155 range, technical conditions are turning in favour of yen strength. Sell signals are increasingly aligned from the short-term charts through to the daily chart, making selling on rallies the preferred approach.

However, with the Bank of Japan meeting approaching, price action around 155 is likely to remain unstable.

USD/CHF: 0.8259

All timeframes show strong buy signals.

This is the clearest uptrend in the FX market at present. Dollar strength and Swiss franc weakness are fully aligned.

Buying on dips remains favoured, although holding it alongside a long EUR/CHF position would concentrate exposure to Swiss franc weakness.

AUD/USD: 0.7111

The 5-minute and 15-minute charts are strongly bearish, the hourly chart is neutral, and the daily chart is strongly bearish.

Yesterday’s short-term buying momentum has faded, with the pair returning to a bearish bias. It remains a candidate for selling on rallies.

NZD/USD: 0.5737

The 5-minute and 15-minute charts are strongly bullish, the hourly chart is neutral, and the daily chart is strongly bearish.

NZD/USD is undergoing a short-term rebound, but the daily downtrend remains in place. Short-term buying may be possible, but the pair remains a sell-on-rallies candidate from a medium- to long-term perspective.

Cross-Yen Pairs

EUR/JPY: 178.64