📊 Technical Analysis – July 13, 2026
Market Overview
The dominant themes today are a stronger U.S. dollar, a weaker Japanese yen, and continued strength in U.S. equities.
In the FX market, USD/JPY and USD/CHF remain in strong uptrends across all major timeframes, confirming broad-based dollar strength. USD/JPY is trading around 162.14, with the overall yen weakness still intact.
Crosses against the yen also remain well supported. GBP/JPY, NZD/JPY, CAD/JPY, and AUD/JPY continue to show bullish momentum on the hourly and daily charts, with GBP/JPY holding above the 217 level.
On the other hand, gold, silver, and Bitcoin remain among the weakest assets. Gold and Bitcoin are generating bearish signals across virtually all timeframes, favoring rallies as selling opportunities.
In equities, the S&P 500 and Nasdaq 100 continue to outperform, providing solid support for overall market sentiment, while European equities and the Nikkei remain comparatively weaker.
Foreign Exchange
USD/JPY
USD/JPY is trading at 162.14.
The pair remains in a strong uptrend across the 5-minute, 15-minute, hourly, and daily charts, making it one of the strongest instruments in the FX market.
Both dollar strength and yen weakness continue to reinforce the trend.
That said, the 162 area remains highly sensitive to possible Japanese FX intervention, so while buying the trend remains the preferred strategy, waiting for pullbacks is more prudent than chasing new highs.
USD/CHF
USD/CHF is trading around 0.8100.
Like USD/JPY, the pair is bullish across all major timeframes, confirming broad dollar strength.
The preferred approach remains buying on pullbacks.
EUR/USD
EUR/USD is trading near 1.1424.
The pair is bearish on the short-term charts, bullish on the hourly chart, and bearish again on the daily timeframe.
Although the hourly chart suggests a temporary rebound, the broader daily trend remains negative.
Overall, rallies continue to present better selling opportunities than buying opportunities.
GBP/USD
GBP/USD is experiencing short-term weakness while maintaining a bullish daily trend.
The strong pound trend seen previously remains intact on the daily chart, although short-term profit-taking has emerged.
With short-term weakness conflicting with longer-term strength, traders should wait for renewed bullish confirmation before initiating fresh long positions.
AUD/USD & NZD/USD
AUD/USD is experiencing short-term selling pressure, while the hourly and daily charts remain bullish.
NZD/USD shows a similar structure, with short-term weakness but stronger momentum on higher timeframes.
However, AUD/NZD remains bearish on both the hourly and daily charts, indicating that the New Zealand dollar continues to outperform the Australian dollar.
Yen Crosses
The overall picture for yen crosses remains constructive.
The strongest pairs currently are:
- GBP/JPY
- NZD/JPY
- CAD/JPY
- AUD/JPY
- EUR/JPY
GBP/JPY continues to trade above 217, maintaining bullish momentum from the 15-minute chart through the daily timeframe.
NZD/JPY, CAD/JPY, and AUD/JPY also remain well supported on higher timeframes.
The broader yen weakness remains intact, making many yen crosses attractive buy-on-dip candidates.
CHF/JPY, however, is noticeably weaker than the other yen crosses.
EUR/GBP
EUR/GBP remains broadly bearish.
While the hourly chart shows a temporary recovery, most other timeframes continue to favor euro weakness against sterling.
The relative strength of the British pound remains one of the clearest themes in the FX market.
Commodities
Gold
Gold (XAU/USD) is trading near 4,056.94.
The metal remains bearish across every major timeframe.
The recent rebound has completely faded, returning gold to a well-established downtrend.
The preferred strategy remains selling rallies rather than buying dips.
Silver
Silver (XAG/USD) remains under broad selling pressure.
Daily momentum continues to deteriorate, while futures markets are also showing widespread bearish signals.
Like gold, silver still lacks sufficient evidence of a sustainable reversal.
Crude Oil
WTI crude is trading around 73.93.
Short-term momentum remains firmly bullish, although the daily chart remains neutral.
The recent recovery remains technically constructive, but confirmation from the daily timeframe would strengthen the bullish outlook.
Natural Gas
Natural gas has rebounded on short-term charts but remains bearish on both the hourly and daily timeframes.
The current move appears to be a corrective rebound rather than the start of a sustained trend reversal.
Bitcoin
Bitcoin is trading near 62,809.
The 5-minute, 15-minute, hourly, and daily charts all remain bearish.
The recent recovery has faded, leaving Bitcoin vulnerable to additional downside.
Selling into rallies remains the preferred approach.
Equity Markets
U.S. Equities
The Dow Jones Industrial Average remains bullish despite some short-term weakness.
Both the S&P 500 and Nasdaq 100 continue to show strong bullish momentum across higher timeframes, making them among the strongest global equity indices.
European Equities
The DAX, FTSE 100, and CAC 40 all remain weaker than U.S. markets.
Short-term correction remains the dominant theme across European equities.
Japanese Equities
The Nikkei has staged a modest short-term rebound but remains bearish on the hourly and daily charts.
Compared with U.S. equities, Japanese stocks continue to underperform.
Strength Rankings
S Tier
- USD/JPY
- USD/CHF
- S&P 500
- Nasdaq 100
- EUR/CHF
A Tier
- GBP/JPY
- NZD/JPY
- CAD/JPY
- AUD/JPY
- Dow Jones
- WTI Crude Oil (short term)
B Tier
- AUD/USD (hourly)
- NZD/USD (hourly)
- EUR/JPY (daily)
- GBP/USD (daily)
- Natural Gas (short term)
Weakness Rankings
S Tier
- Gold
- Silver
- Bitcoin
- CHF/JPY
- FTSE 100 (short term)
A Tier
- EUR/USD (short term)
- EUR/GBP
- AUD/NZD (daily)
- DAX (short term)
- Nikkei (daily)
B Tier
- GBP/USD (short term)
- NZD/USD (short term)
- AUD/USD (short term)
- CAC 40 (short term)
- Natural Gas (daily)
Market Theme
The primary themes remain U.S. dollar strength, yen weakness, and strong U.S. equities.
USD/JPY and USD/CHF continue to confirm broad dollar strength, while most yen crosses remain supported by the ongoing weakness in the Japanese currency.
Meanwhile, the S&P 500 and Nasdaq continue to outperform global equity markets.
In contrast, gold, silver, and Bitcoin remain under significant selling pressure, while crude oil is enjoying a strong short-term recovery.
Trading Strategy
Bullish Bias
- USD/JPY
- USD/CHF
- S&P 500
- Nasdaq 100
- EUR/CHF
Buy-on-Dip Candidates
- GBP/JPY
- NZD/JPY
- CAD/JPY
- AUD/JPY
- Dow Jones
- WTI Crude Oil (short term)
Sell-on-Rally Candidates
- Gold
- Silver
- Bitcoin
- EUR/USD (short term)
- EUR/GBP
- FTSE 100 (short term)
- DAX (short term)
Risk Considerations
Although USD/JPY remains strongly bullish across all timeframes, the 162 area continues to carry elevated intervention risk, making disciplined risk management essential.
WTI crude remains bullish over shorter timeframes, but confirmation from the daily chart is still lacking.
Natural gas has bounced in the short term but remains bearish on higher timeframes.
Gold, silver, and Bitcoin continue to exhibit broad technical weakness, favoring sell-the-rally strategies.
Conclusion
The current market continues to be driven by a stronger U.S. dollar, a weaker Japanese yen, and resilient U.S. equities.
The strongest assets remain USD/JPY, USD/CHF, the S&P 500, the Nasdaq 100, and EUR/CHF.
Meanwhile, gold, silver, Bitcoin, CHF/JPY, and short-term European equities remain among the weakest markets.
The preferred approach is to buy pullbacks in strong dollar pairs and U.S. equities, while continuing to sell rallies in precious metals, Bitcoin, and weaker European assets.
