Technical Analysis | July 9, 2026
Market Overview
Today’s market is being driven by three dominant themes: a stronger U.S. dollar, a weaker Japanese yen, and rising crude oil prices.
In the FX market, USD/JPY continues to lead after climbing to 162.47, with strong bullish signals across every major timeframe. USD/CHF also remains firmly bullish throughout all timeframes, confirming that broad-based dollar strength has returned.
Meanwhile, the major dollar pairs continue to struggle. AUD/USD remains bearish across all timeframes, while EUR/USD also trades with a negative bias from the short-term charts through the daily timeframe, reflecting continued dollar strength.
Among the yen crosses, EUR/JPY, NZD/JPY, and CAD/JPY remain supported on the daily chart, indicating that the broader yen weakness remains intact. However, GBP/JPY and AUD/JPY have entered short-term corrective phases, suggesting that not all yen crosses are moving uniformly.
In commodities, WTI crude oil has become the strongest performer, posting bullish signals from the short-term through the hourly charts. In contrast, natural gas has reversed sharply lower, losing the strong momentum seen in previous sessions.
Gold has rebounded on the intraday charts but remains bearish on the daily timeframe, while silver continues to show greater relative weakness.
Equity markets are beginning to show signs of consolidation. Although the S&P 500 remains relatively resilient, the Dow Jones, DAX, FTSE 100, CAC 40, and Nikkei 225 have weakened on the intraday charts, suggesting a broader market pause.
Currency Market
USD/JPY
USD/JPY is trading around 162.47 with bullish signals across the 5-minute, 15-minute, hourly, and daily charts.
This remains the strongest currency pair in today’s market, supported by both broad dollar strength and continued yen weakness.
From a technical perspective, buying on pullbacks remains the preferred strategy.
However, traders should remain cautious near the 162 level, where intervention concerns from Japanese authorities continue to limit upside momentum.
USD/CHF
USD/CHF is trading around 0.8077 and remains firmly bullish across every timeframe.
Its strength confirms that current dollar buying is broad-based rather than being limited to the yen.
The pair continues to serve as an important confirmation of overall U.S. dollar strength.
EUR/USD
EUR/USD is trading near 1.1426.
Short-term momentum remains bearish, while the daily chart has improved to neutral.
Although the longer-term downtrend has softened somewhat, the near-term outlook still favors selling into rallies rather than chasing upside moves.
GBP/USD
GBP/USD is trading around 1.3392.
The short-term charts have turned bearish, while the daily trend remains bullish.
This creates conflicting signals, making the pair more difficult to trade.
A bullish outlook would require confirmation that the current correction has ended before new long positions are considered.
AUD/USD and NZD/USD
AUD/USD remains one of today’s weakest major currency pairs.
The pair is bearish across every major timeframe, reinforcing the broader strength of the U.S. dollar.
NZD/USD presents a more mixed picture.
Although very short-term momentum remains weak, the hourly chart has improved while the daily trend remains neutral.
The Australian dollar is clearly underperforming the New Zealand dollar, with AUD/NZD also maintaining a bearish structure.
Yen Crosses
The broader yen trend remains bearish on the daily timeframe.
The strongest cross pairs currently include:
- EUR/JPY
- NZD/JPY
- CAD/JPY
EUR/JPY remains bullish across every timeframe.
NZD/JPY also maintains strong bullish momentum on the 15-minute, hourly, and daily charts.
CAD/JPY continues to trend higher on the daily timeframe.
Meanwhile, GBP/JPY, CHF/JPY, and AUD/JPY have entered short-term corrective phases, indicating that profit-taking is beginning to appear across some yen crosses.
Commodities
Gold
Gold has staged a solid short-term rebound.
Intraday momentum remains bullish, but the daily trend continues to point lower.
At this stage, the recovery still appears to be a corrective rally within a broader downtrend rather than the beginning of a new bullish cycle.
Silver
Silver remains weaker than gold.
Although intraday momentum has stabilized, the daily chart continues to signal a strong bearish trend.
Until the longer-term structure improves, rallies are likely to attract selling pressure.
WTI Crude Oil
WTI crude remains one of today’s strongest markets.
Bullish momentum is firmly established across the short-term and hourly charts, although the daily timeframe remains neutral.
A bullish signal on the daily chart would strengthen the longer-term outlook considerably.
Natural Gas
Natural gas has undergone a significant reversal.
The market has shifted from broad-based strength to bearish signals across every major timeframe.
The previous bullish trend has clearly weakened, making rallies more attractive selling opportunities.
Bitcoin
Bitcoin remains mixed.
Short-term momentum has weakened, while the hourly chart remains constructive and the daily trend is neutral.
This creates conflicting signals, suggesting that traders should wait for a clearer directional breakout before committing to larger positions.
Equity Markets
U.S. Equities
The Dow Jones Industrial Average is undergoing a short-term correction, although the daily trend remains positive.
The S&P 500 continues to outperform, maintaining bullish daily momentum despite neutral intraday conditions.
The Nasdaq 100 remains less convincing, with bullish short-term momentum but a still-bearish daily trend.
Among U.S. indices, the S&P 500 currently presents the strongest technical structure.
European Equities
European indices have lost momentum.
The DAX, FTSE 100, and CAC 40 all show weaker intraday technical conditions, while longer-term trends have softened considerably.
Japanese Equities
The Nikkei 225 has experienced a modest short-term rebound, but both the hourly and daily charts remain bearish.
Among the major global equity indices, Japan continues to lag.
Strength Rankings
S-Tier
- USD/JPY
- USD/CHF
- EUR/JPY
- WTI Crude Oil
A-Tier
- NZD/JPY
- CAD/JPY
- EUR/CHF
- S&P 500
- Gold (Short-Term)
B-Tier
- GBP/USD (Daily)
- GBP/JPY (Daily)
- CHF/JPY (Daily)
- AUD/JPY (Daily)
- Bitcoin (Hourly)
Weakness Rankings
S-Tier
- Natural Gas
- AUD/USD
- AUD/NZD
- Silver
- DAX (Hourly)
A-Tier
- EUR/USD (Short-Term)
- GBP/USD (Short-Term)
- GBP/JPY (Short-Term)
- CHF/JPY (Short-Term)
- Dow Jones (Hourly)
- FTSE 100 (Hourly)
- CAC 40
B-Tier
- Nikkei 225 (Daily)
- Nasdaq 100 (Daily)
- Gold (Daily)
- NZD/USD (Short-Term)
- AUD/JPY (Short-Term)
Market Themes
The market continues to be driven by U.S. dollar strength, yen weakness, and higher crude oil prices.
USD/JPY and USD/CHF remain the clearest expressions of renewed dollar demand.
Most yen crosses continue to trend higher on the daily charts, although several have begun to experience short-term corrections.
Within commodities, leadership has shifted decisively toward crude oil, while natural gas has lost momentum after its previous rally.
Equity markets are entering a consolidation phase, with the S&P 500 showing the greatest resilience while European equities and the Nikkei continue to weaken.
Trading Strategy
Preferred Long Positions
- USD/JPY
- USD/CHF
- EUR/JPY
- WTI Crude Oil
- S&P 500
Buy-on-Dip Candidates
- NZD/JPY
- CAD/JPY
- EUR/CHF
- Gold (Short-Term)
- Bitcoin (Hourly)
Preferred Sell-on-Rally Candidates
- AUD/USD
- AUD/NZD
- Natural Gas
- Silver
- DAX
- CAC 40
- Nikkei 225
Final Thoughts
The dominant market themes remain a stronger U.S. dollar, continued yen weakness, and firm crude oil prices.
The strongest opportunities continue to be found in USD/JPY, USD/CHF, EUR/JPY, and WTI crude oil.
Conversely, natural gas, AUD/USD, AUD/NZD, silver, and European equities continue to exhibit the weakest technical structures.
While the S&P 500 remains relatively resilient, broader equity markets are showing signs of consolidation.
For now, the preferred approach is to buy pullbacks in the strongest dollar pairs and crude oil, while looking to sell rallies in weaker commodity currencies, natural gas, and selected equity indices.
