Technical Analysis — October 26, 2026

Overview

Today’s key themes are the rebound in USD/JPY and the yen crosses, improvement in European equities, and weakness in U.S. equities and the Nikkei.

USD/JPY has improved to strongly bullish on the 5-minute, 15-minute and hourly charts. The daily chart, however, remains strongly bearish. Short-term strength conflicts with the daily downtrend, so the daily outlook needs to improve before a broader reversal can be confirmed.

Among the yen crosses, AUD/JPY and CAD/JPY are bullish from the 15-minute chart through the daily chart. GBP/JPY and CHF/JPY have also improved in the short term, but their daily charts remain bearish. The strength of the yen-selling move varies by currency pair.

In commodities, spot silver and silver futures are strongly bearish across all timeframes. Crude has shifted from being strongly bullish across all timeframes to a short-term correction. Gold, natural gas and wheat are rebounding on the hourly charts, but their daily charts remain weak.

Among equity indices, the FTSE 100 is strongly bullish from the 15-minute chart through the daily chart. The DAX and CAC 40 have also rebounded, while the S&P 500, Nasdaq 100 and Nikkei are strongly bearish across all timeframes.

Main Changes Since the Previous Report

USD/JPY has shifted from being strongly bearish across all timeframes to strongly bullish on the 5-minute, 15-minute and hourly charts. The daily chart remains strongly bearish.

EUR/USD’s strongly bullish 5-minute reading and neutral 15-minute reading have disappeared, leaving all timeframes strongly bearish.

USD/CHF has improved to strongly bullish on the 15-minute and hourly charts. The daily chart remains neutral, so the bullish alignment currently extends only through the hourly timeframe.

AUD/JPY has improved from being strongly bearish across all timeframes to strongly bullish on the 15-minute and hourly charts, with a bullish daily reading. CAD/JPY is also strongly bullish on the 15-minute and hourly charts, and bullish on the daily chart.

AUD/NZD has improved from bullish to strongly bullish on the hourly chart. The 5-minute chart has weakened from strongly bullish to neutral, and the daily chart remains neutral.

WTI crude has shifted from being strongly bullish across all timeframes to strongly bearish on the 5- and 15-minute charts and bearish on the hourly chart. The daily chart remains strongly bullish.

BTC has improved from strong selling on the short-term charts through the hourly chart to bullish readings. Its daily outlook has weakened from bearish to strongly bearish.

The Dow has shifted from being strongly bullish across all timeframes to strongly bearish on the 5-minute, 15-minute and hourly charts. The S&P 500, Nasdaq 100 and Nikkei are strongly bearish across all timeframes.

The DAX has improved from being strongly bearish across all timeframes to strongly bullish on the 15-minute and hourly charts, with a neutral daily reading. The FTSE 100 has also turned strongly bullish from the 15-minute chart through the daily chart.

FX Markets

EUR/USD — 1.1203

The pair is strongly bearish across all timeframes.

The previous short-term rebound has ended, bringing the pair back in line with the bearish hourly and daily trends. Moving averages and indicators are all bearish, making the downside alignment particularly clear among today’s currency pairs.

Selling rallies is favored. If a rebound occurs, watch whether selling persists on the 15-minute and hourly charts.

GBP/USD — 1.3350

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

There is a short-term rebound, but moving averages and indicators are aligned to the downside on the 15-minute and hourly charts. On the daily chart, bearish moving averages conflict with strongly bullish indicators.

Based on the hourly chart, selling rallies is favored. Watch whether the 5-minute buying fades and the pair returns to the bearish direction on the 15-minute chart.

USD/JPY — 157.34

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

Buying has spread through the hourly chart after the pair was bearish across all timeframes previously. Moving averages and indicators are also aligned to the upside from the short-term charts through the hourly chart.

This is a short-term dip-buying candidate, but it remains in conflict with the bearish daily chart. Whether buying holds on the 15-minute and hourly charts is important.

USD/CHF — 0.8257

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

Buying is clear on the 15-minute and hourly charts. However, the 5-minute indicators are strongly bearish, while on the daily chart, bullish moving averages conflict with strongly bearish indicators.

For a short-term dip-buying setup, wait for the 5-minute selling to ease. The pair is not yet bullish across the daily timeframe.

AUD/USD — 0.7031

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

The daily strength remains intact, but the short-term charts are correcting. On the hourly chart, bullish moving averages conflict with bearish indicators, leaving the upside signals unaligned.

This is a potential daily-trend dip-buying setup. Wait for the 15-minute and hourly charts to turn bullish.

NZD/USD — 0.5687

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

Weakness from the short-term charts through the hourly chart persists. The daily outlook has weakened from bullish to neutral, with bearish moving averages conflicting with strongly bullish indicators.

Selling rallies is favored in the short term. The daily chart is not yet aligned to the downside.

USD/CAD — 1.4015

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

The strong selling from the short-term charts through the hourly chart has eased since the previous report. However, the pair has not turned bullish. On the hourly chart, bearish moving averages conflict with bullish indicators.

For a daily-trend rally-selling setup, watch whether selling returns to the 15-minute and hourly charts.

Yen Crosses and Relative Currency Strength

EUR/JPY — 176.25

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

The rebound has extended through the hourly chart after the pair was bearish across all timeframes previously. However, on the 5-minute chart, bullish moving averages conflict with strongly bearish indicators.

Watch whether the short-term rebound continues while remaining alert to a resumption of the daily downtrend.

GBP/JPY — 210.06

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

The short-term charts through the hourly chart are aligned to the upside. However, the daily moving averages remain strongly bearish, so higher-timeframe weakness persists.

This is a short-term dip-buying candidate. The daily moving averages need to improve before a daily uptrend can be confirmed.

CHF/JPY — 190.57

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

The pair has improved substantially from being strongly bearish across all timeframes. However, the hourly moving averages are neutral, and the daily moving averages are strongly bearish.

The rebound has spread from the short-term charts to the hourly chart, but the daily downtrend remains intact. Watch whether the hourly buying persists.

AUD/JPY — 110.62

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

The pair is bullish from the 15-minute chart through the daily chart. Moving averages and indicators are aligned in the same direction, making the improvement across higher timeframes clear among today’s yen crosses.

Buying dips is favored. Watch whether the strongly bearish indicators on the 5-minute chart ease.

NZD/JPY — 89.48

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

The pair has improved from the previous bearish outlook, but its bullish signals are less aligned than those for AUD/JPY. On the daily chart, bearish moving averages conflict with strongly bullish indicators.

Wait to see whether the 15-minute chart turns bullish and follows the hourly trend.

CAD/JPY — 112.27

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

The pair is bullish from the 15-minute chart through the daily chart. However, the daily moving averages are neutral, so the underlying daily signals are less aligned than those for AUD/JPY.

For a dip-buying setup, watch whether the bearish 5-minute indicators ease and buying persists on the 15-minute and hourly charts.

EUR/GBP — 0.8391

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.

The hourly rebound conflicts with the daily downtrend. On the hourly chart, moving averages and indicators are bullish, but the short-term charts retain bearish signals.

Watch whether hourly buying spreads to the shorter timeframes or the pair returns to the daily bearish trend.

AUD/NZD — 1.2363

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

The Australian dollar’s relative strength is clear on the 15-minute and hourly charts. On the daily chart, however, strongly bullish moving averages conflict with bearish indicators.

This is a short-term dip-buying candidate. Watch whether the 5-minute chart turns bullish and follows the hourly strength.

EUR/CHF — 0.9249

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

The hourly chart has improved from strongly bearish to strongly bullish. However, the short-term and daily charts remain bearish, leaving the pair split across timeframes.

For a daily-trend rally-selling setup, wait for the hourly buying to weaken.

GBP/CHF — 1.1023

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

The daily outlook has improved from neutral, but the short-term charts through the hourly chart are bearish. The daily moving averages and indicators are aligned to the upside.

For a daily-trend dip-buying setup, wait for selling on the 15-minute and hourly charts to clear.

Commodities

Gold — 4013.44

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

The hourly chart shows a rebound, but its moving averages are neutral. Buying signals are limited, with the short-term and strongly bearish daily readings on either side.

The daily trend favors selling rallies. Watch whether the hourly rebound fades.

Gold Futures — 4026.77

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

The hourly chart has improved from bearish to neutral since the previous report. However, on the hourly chart, bearish moving averages conflict with strongly bullish indicators.

Watch whether the rebound continues. Before selling, wait for the 15-minute and hourly charts to realign with the daily downtrend.

Silver (XAG/USD) — 53.9740

The pair is strongly bearish across all timeframes.

Moving averages and indicators are also strongly bearish across all timeframes. The downside remains clear, with none of the hourly rebound signals seen in gold.

Selling rallies is favored. If the pair rebounds, watch whether selling persists on the 15-minute and hourly charts.

Silver Futures — 54.003

The contract is strongly bearish across all timeframes.

As with spot silver, moving averages and indicators are all strongly bearish. Selling is aligned from the short-term charts through the daily chart.

A shift toward buying would first require selling to ease on the 15-minute and hourly charts.

WTI Crude — 101.08

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

The pair has shifted from being strongly bullish across all timeframes to a short-term correction. The daily moving averages and indicators remain strongly bullish, but the hourly indicators are strongly bearish.

For a daily-trend dip-buying setup, wait for selling on the 15-minute and hourly charts to clear.

Natural Gas — 3.008

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

The hourly chart has shifted from strongly bearish to strongly bullish. However, short-term selling remains, and the daily moving averages and indicators are both strongly bearish.

The hourly rebound conflicts with the daily downtrend. Even for a short-term long, wait for the 15-minute chart to improve.

Copper — 6.5263

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

The rebound on the 15-minute and hourly charts is clearer than in the previous report. However, on the daily chart, moving averages are neutral and indicators are strongly bearish, so a higher-timeframe bullish reversal is not confirmed.

This is a short-term dip-buying candidate, but treat it as a rebound against the daily trend.

U.S. Wheat — 625.63

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

The hourly chart is rebounding after the contract was strongly bearish across all timeframes previously. However, moving averages are neutral from the 5-minute chart through the hourly chart, so bullish alignment remains weak.

Watch whether hourly buying spreads to the 15-minute chart or the pair returns to the daily downtrend.

BTC/USD — 80469.0

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

The short-term charts through the hourly chart have improved from bearish readings in the previous report. However, both moving averages and indicators remain bearish on the daily chart.

This is a short-term rebound. Monitor whether buying persists on the 15-minute and hourly charts, while remaining prepared for the daily downtrend to resume.

Equity Indices

Dow — 52215.16

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

The short-term and hourly charts have turned lower after the Dow was strongly bullish across all timeframes in the previous report. The daily bullish reading remains, but there is not yet a signal that the correction has ended.

For a daily-trend dip-buying setup, wait for the 15-minute and hourly charts to improve.

S&P 500 — 7623.68

The index is strongly bearish across all timeframes.

The remaining strongly bullish 5-minute reading has disappeared, bringing the index in line with the bearish hourly and daily trends. Moving averages and indicators are all bearish.

Selling rallies is favored. If a short-term rebound occurs, watch whether hourly selling persists.

Nasdaq 100 — 28957.53

The index is strongly bearish across all timeframes.

The 5-minute chart, previously neutral, has also weakened to strongly bearish. Moving averages and indicators are strongly bearish across all timeframes, confirming clear downside alignment.

Among today’s equity indices, the Nasdaq 100 stands out as a rally-selling candidate.

DAX — 25401.35

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

The index has improved substantially from being bearish across all timeframes. The 15-minute and hourly charts are aligned to the upside, but on the daily chart, bullish moving averages conflict with bearish indicators.

This is a short-term dip-buying candidate. The next point to watch is whether buying spreads to the daily chart.

FTSE 100 — 10737.45

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

The index is bullish from the 15-minute chart through the daily chart. Moving averages and indicators are aligned, making it the clearest source of strength among today’s European equity indices.

Buying dips is favored. Watch whether the strongly bearish indicators on the 5-minute chart ease.

CAC 40 — 7842.26

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

The index has rebounded through the hourly chart after being bearish across all timeframes in the previous report. However, both moving averages and indicators remain bearish on the daily chart, so higher-timeframe improvement is lagging behind the DAX and FTSE 100.

Short-term buying conflicts with the daily downtrend. Even if the rebound continues, treat it separately from a confirmed daily reversal.

Nikkei 225 — 62202.00

The index is strongly bearish across all timeframes.

The previous strongly bullish 5-minute and bullish 15-minute readings have disappeared, bringing the index in line with the bearish hourly and daily trends. Moving averages and indicators are all bearish.

Selling rallies is favored. Before considering a long, wait for selling to ease on the 15-minute and hourly charts.

Strength Rankings

Bullish from the 15-Minute Chart Through the Daily Chart

• FTSE 100
• AUD/JPY
• CAD/JPY

The FTSE 100 is strongly bullish from the 15-minute chart through the daily chart. AUD/JPY and CAD/JPY are also bullish across those timeframes, although CAD/JPY’s daily moving averages are neutral.

Clear Buying on the 15-Minute and Hourly Charts

• USD/JPY
• USD/CHF
• GBP/JPY
• CHF/JPY
• AUD/NZD
• DAX
• Copper
• CAC 40

The daily charts remain bearish or neutral. Do not treat short-term strength as confirmation of a daily reversal.

Corrective Setups Retaining Bullish Daily Readings

• AUD/USD
• GBP/CHF
• WTI crude
• Dow

The short-term charts are weak against the higher-timeframe bullish readings. Watch for confirmation that the correction has ended.

Weakness Rankings

Strongly Bearish Overall Across All Timeframes

• EUR/USD
• Spot silver
• Silver futures
• S&P 500
• Nasdaq 100
• Nikkei 225

Spot and futures silver, along with the Nasdaq 100, are particularly weak, with moving averages and indicators also strongly bearish across all timeframes.

Clear Selling from the Short-Term Charts Through the Hourly Chart

• NZD/USD
• GBP/USD
• GBP/CHF
• WTI crude
• Dow

Their daily outlooks differ. GBP/CHF, WTI crude and the Dow have strongly bullish daily readings, so any short-term selling setup should be assessed within its specific timeframe.

Rebounds with Daily Weakness Still in Place

• USD/JPY
• EUR/JPY
• GBP/JPY
• CHF/JPY
• EUR/CHF
• Gold
• Natural gas
• BTC
• CAC 40

Trading Strategy

Prioritize Dip-Buying Setups

The FTSE 100, AUD/JPY and CAD/JPY are bullish from the 15-minute chart through the daily chart.

The 5-minute charts still show neutral readings or bearish indicators. Watch for the short-term correction to end and buying to resume in line with the 15-minute and hourly trends.

Short-Term Buying Candidates

USD/JPY, USD/CHF, GBP/JPY, CHF/JPY, AUD/NZD, the DAX, copper and the CAC 40 have clear bullish signals on the 15-minute and hourly charts.

Their daily readings are bearish or neutral. Treat continued short-term buying separately from a confirmed daily reversal.

Prioritize Rally-Selling Setups

EUR/USD, spot silver, silver futures, the S&P 500, Nasdaq 100 and the Nikkei are strongly bearish overall across all timeframes.

If they rebound, watch whether selling persists on the 15-minute and hourly charts. If the short-term charts turn bullish, reassess the bearish alignment.

Wait for Buying Signals to Improve

AUD/USD, GBP/CHF, WTI crude and the Dow have strongly bullish daily readings.

However, selling or neutral readings remain on the short-term and hourly charts. Wait for the 15-minute and hourly charts to align to the upside.

Wait for the Timeframes to Align

EUR/GBP, EUR/CHF, gold, natural gas, wheat and BTC have hourly rebounds that conflict with daily weakness.

For a long, watch for the short-term charts to follow the rebound. For a trade in the direction of the daily downtrend, wait for hourly buying to fade.

Key Points to Watch

Yen-selling rebounds have broadened today, but the pairs differ. AUD/JPY and CAD/JPY have improved through the daily chart, while USD/JPY and several other yen crosses retain bearish daily readings.

European equities are also mixed. The FTSE 100 is bullish through the daily chart, the DAX is neutral on the daily chart, and the CAC 40 remains bearish on the daily chart. The rebound’s strength varies considerably.

The Dow retains a strongly bullish daily reading, while the S&P 500 and Nasdaq 100 are strongly bearish across all timeframes. Assess each U.S. index separately rather than treating the U.S. equity market as a single trade.

In commodities, broadly bearish silver contrasts with crude’s bullish daily trend. Watch whether hourly rebounds in gold and natural gas spread to the short-term charts or give way to renewed selling in line with their daily trends.