📊 Technical Analysis | July 23, 2026
■ Market Overview
The current market is being driven by continued U.S. dollar strength and yen weakness, while selling pressure is spreading across precious metals, Bitcoin, natural gas, and several major equity indices.
In FX, USD/JPY has risen to 163.92 and is showing strong buy signals on the 15-minute, hourly, and daily charts. USD/CHF is also showing strong buy signals on the hourly and daily charts, confirming that the broader dollar-buying trend remains intact.
By contrast, EUR/USD, GBP/USD, AUD/USD, and NZD/USD remain weak on the hourly and daily timeframes, leaving the major dollar pairs broadly tilted lower.
EUR/USD, GBP/USD, and NZD/USD are showing particularly strong daily sell signals and continue to be heavily affected by broad dollar strength.
Among the yen crosses, EUR/JPY and CAD/JPY remain strong, with both pairs showing strong buy signals through the daily timeframe.
NZD/JPY also remains on a strong daily buy signal, although the hourly chart is neutral.
GBP/JPY, AUD/JPY, and CHF/JPY are showing selling pressure on the hourly chart, leaving the yen-cross complex increasingly divided.
In commodities, gold and silver are showing strong sell signals on the 15-minute, hourly, and daily charts, confirming pronounced weakness across precious metals.
Bitcoin is also showing strong sell signals on the hourly and daily charts, indicating that selling pressure is spreading to parts of the broader risk-asset complex.
WTI crude oil remains on strong short-term buy signals, but the daily chart has turned neutral, suggesting that the strong upward momentum seen previously is beginning to fade.
In equities, the Dow Jones is showing strong buy signals from the short-term charts through the hourly timeframe, making it the strongest major U.S. index.
The S&P 500, Nasdaq 100, and Nikkei 225 remain weak on the hourly and daily charts, with the Nasdaq and Nikkei continuing to trend lower.
■ Currency Markets
USD/JPY
USD/JPY is trading at 163.92.
The 5-minute chart is neutral, while the 15-minute, hourly, and daily charts are showing strong buy signals.
The broader dollar-strength and yen-weakness trend remains firmly intact, with the daily structure still exceptionally bullish.
However, intervention concerns are likely to intensify further in the upper 163 area and immediately below 164.
The technical bias remains bullish, but chasing the market at current levels should be avoided.
A more prudent approach is to wait for a pullback and monitor whether short-term overbought conditions begin to ease.
Traders should also remain alert to the risk of a sudden decline.
USD/CHF
USD/CHF is trading at 0.8198.
The 5-minute chart is showing a strong sell signal and the 15-minute chart is neutral, while the hourly and daily charts remain on strong buy signals.
Some short-term profit-taking is evident, but the medium-term and daily dollar-buying trend remains intact.
Momentum is slightly weaker than in USD/JPY, although the daily structure continues to favor the upside.
EUR/USD
EUR/USD is trading at 1.1364.
The 5-minute chart is showing a strong buy signal, but the hourly and daily charts remain on strong sell signals.
A short-term technical rebound is underway, but the broader trend continues to reflect euro selling and dollar buying.
With the hourly and daily charts aligned to the downside, any long position should be viewed as short-term only.
The broader strategy remains to sell rallies.
GBP/USD
GBP/USD is trading at 1.3280.
The 15-minute, hourly, and daily charts are all showing strong sell signals.
Sterling remains weak against the dollar.
Although the 5-minute chart is neutral, the broader trend continues to point lower.
The preferred approach is to wait for a rebound and look for opportunities to sell into strength.
AUD/USD and NZD/USD
AUD/USD is trading at 0.6965.
The 15-minute and hourly charts are showing strong sell signals, while the daily chart is neutral.
The previous daily buy signal has faded, leaving the Australian dollar increasingly vulnerable to further weakness.
NZD/USD is trading at 0.5768.
The hourly and daily charts are showing strong sell signals.
The New Zealand dollar is weaker than the Australian dollar, and the downtrend is becoming increasingly pronounced.
Both Oceania currencies remain under selling pressure against the U.S. dollar.
AUD/NZD is showing strong sell signals from the short-term charts through the hourly timeframe, while the daily chart remains on a strong buy signal.
In the short term, the market is seeing Australian-dollar selling and New Zealand-dollar buying.
However, the broader trend still favors the Australian dollar.
Yen Crosses
The broader yen-weakness trend remains visible on the daily charts, although the hourly structure varies considerably across individual pairs.
The strongest yen crosses are:
EUR/JPY
CAD/JPY
NZD/JPY
EUR/JPY is trading at 186.28.
The pair is showing strong buy signals across every timeframe from the 5-minute chart through the daily chart.
It is currently the strongest yen cross.
CAD/JPY is trading at 116.16.
The 15-minute, hourly, and daily charts are all showing strong buy signals.
The combination of yen weakness and resilient Canadian-dollar demand continues to support the pair.
NZD/JPY is trading at 94.55.
The 5-minute and 15-minute charts are showing strong buy signals, while the daily chart also remains on a strong buy signal.
The hourly chart is neutral, but the overall bias remains bullish.
By contrast, GBP/JPY is neutral on the daily chart and is showing a sell signal on the hourly chart.
AUD/JPY remains on a strong daily buy signal, but the hourly chart is showing a strong sell signal.
CHF/JPY is showing strong short-term buy signals, while the daily chart remains on a strong sell signal.
The yen-weakness trend remains in place, but an increasing number of crosses are vulnerable to corrections from elevated levels.
EUR/GBP
EUR/GBP is trading at 0.8557.
The 5-minute, 15-minute, and hourly charts are showing strong buy signals, while the daily chart remains on a buy signal.
Both the euro and sterling are weak against the dollar, but sterling is currently the weaker currency.
EUR/GBP remains bullish and is a relatively clear buy-on-dip candidate.
■ Commodity Markets
Gold
XAU/USD is trading at 4,027.54.
The 15-minute, hourly, and daily charts are all showing strong sell signals.
Gold futures are trading at 4,026.75 and are showing the same bearish alignment across the 15-minute, hourly, and daily charts.
Weakness has intensified further since the previous update, and the precious-metals market is now clearly dominated by selling pressure.
There is some buying response on the 5-minute chart, but the broader trend remains lower.
The preferred strategy is no longer to buy dips, but to sell rallies.
Silver
XAG/USD is trading at 57.2570.
The 15-minute, hourly, and daily charts are all showing strong sell signals.
Silver futures are also showing strong sell signals across the same timeframes.
As with gold, selling pressure is aligned from the short-term charts through the daily timeframe.
Silver remains clearly weak, and a confirmed reversal is needed before considering long positions.
WTI Crude Oil
WTI crude oil is trading at 81.27.
The 5-minute and 15-minute charts are showing strong buy signals, while the hourly and daily charts are neutral.
Momentum has weakened significantly from the previous strong rally, with the market having corrected sharply from above $90.
However, short-term buying has returned, suggesting that the market is attempting to establish a floor.
With the daily chart now neutral, the previous strong uptrend is no longer as clear.
Traders considering long positions should wait for the hourly chart to turn bullish again.
Natural Gas
Natural gas is trading at 2.729.
The 5-minute, 15-minute, hourly, and daily charts are all showing strong sell signals.
It is one of the weakest markets within the commodity complex.
Selling pressure is aligned across all timeframes, making natural gas a clear sell-on-rally candidate.
Crude oil is still seeing some short-term buying, while natural gas remains in a confirmed downtrend.
Bitcoin
BTC/USD is trading at $63,480.
The hourly and daily charts are showing strong sell signals.
The shorter timeframes are neutral, but the broader structure remains weak.
Upside momentum has deteriorated further, and demand for Bitcoin as a risk asset continues to fade.
For now, the market is better viewed as vulnerable to selling on rallies rather than as a buy-on-dip opportunity.
■ Equity Markets
U.S. Equities
The Dow Jones is trading at 52,210.08.
The 5-minute, 15-minute, and hourly charts are all showing strong buy signals, while the daily chart is neutral.
It is currently the strongest major U.S. equity index.
Although the daily chart has not yet turned bullish, short-term and hourly buying momentum remains strong.
The S&P 500 is trading at 7,413.18.
The 5-minute chart is showing a strong buy signal, while the hourly chart is on a sell signal and the daily chart remains on a strong sell signal.
A short-term rebound is underway, but the broader structure remains weak.
The Nasdaq 100 is trading at 28,039.21.
The 5-minute chart is showing a strong buy signal, but the hourly and daily charts remain on strong sell signals.
Technology shares continue to underperform, and the Nasdaq remains the weakest major U.S. index.
Even with a short-term rebound, long positions require caution while the daily chart remains firmly bearish.
European Equities
The DAX is trading at 25,385.94.
The 5-minute and 15-minute charts are showing strong sell signals, while the daily chart remains on a strong buy signal.
A short-term correction is underway, but the broader trend remains resilient.
The UK 100 is trading at 10,831.65.
The hourly and daily charts are showing strong buy signals.
It remains one of the strongest European equity indices.
The CAC 40 is trading at 8,419.56.
The shorter timeframes are showing strong sell signals, while the daily chart remains on a strong buy signal.
European equities are undergoing short-term corrections, but their daily structures remain relatively strong.
Japanese Equities
The Nikkei 225 is trading at 62,446.
The 5-minute chart is showing a strong buy signal, while the hourly and daily charts remain on strong sell signals.
A short-term rebound is underway, but the medium-term and daily trends remain lower.
Alongside the Nasdaq 100, the Nikkei remains one of the weakest major equity indices.
■ Strength Ranking
S Tier
USD/JPY
EUR/JPY
CAD/JPY
EUR/GBP
Dow Jones on short-term charts
A Tier
USD/CHF on the daily chart
NZD/JPY on the daily chart
AUD/JPY on the daily chart
UK 100 on the daily chart
DAX on the daily chart
CAC 40 on the daily chart
B Tier
WTI crude oil on short-term charts
CHF/JPY on short-term charts
Nikkei 225 on short-term charts
S&P 500 on short-term charts
Nasdaq 100 on short-term charts
■ Weakness Ranking
S Tier
Natural Gas
Gold
Silver
Bitcoin
EUR/USD
GBP/USD
A Tier
NZD/USD
AUD/USD on the hourly chart
S&P 500 on the daily chart
Nasdaq 100 on the daily chart
Nikkei 225 on the daily chart
CHF/JPY on the daily chart
B Tier
AUD/NZD on short-term charts
GBP/JPY on the hourly chart
AUD/JPY on the hourly chart
DAX on short-term charts
CAC 40 on short-term charts
■ Market Theme
The main market themes are U.S. dollar strength, yen weakness, weaker precious metals, and weaker Bitcoin.
In FX, USD/JPY remains strong in the upper 163 area, while USD/CHF continues to hold a strong daily buy signal.
The broader dollar-buying trend remains firmly in place.
EUR/USD, GBP/USD, AUD/USD, and NZD/USD remain weak on the hourly and daily charts, leaving the major dollar pairs broadly tilted toward further dollar strength.
Among the yen crosses, EUR/JPY, CAD/JPY, and NZD/JPY remain strong, confirming that the broader yen-weakness trend continues.
However, GBP/JPY and AUD/JPY remain weak on the hourly charts, meaning the yen-cross complex is no longer moving uniformly higher.
In commodities, gold, silver, and natural gas remain clearly weak.
Crude oil has also lost some of the strong upward momentum seen previously.
In equities, the Dow Jones remains strong on shorter timeframes, while the S&P 500, Nasdaq 100, and Nikkei 225 remain weak on the hourly and daily charts.
The divergence between individual equity indices has become increasingly pronounced.
■ Trading Strategy
Buying Bias
USD/JPY
EUR/JPY
CAD/JPY
EUR/GBP
Dow Jones on short-term charts
Buy-on-Dip Candidates
USD/CHF on the daily chart
NZD/JPY on the daily chart
AUD/JPY on the daily chart
UK 100 on the daily chart
DAX on the daily chart
CAC 40 on the daily chart
Sell-on-Rally Candidates
Natural Gas
Gold
Silver
Bitcoin
EUR/USD
GBP/USD
NZD/USD
S&P 500 on the daily chart
Nasdaq 100 on the daily chart
Nikkei 225 on the daily chart
Markets Requiring Caution
USD/JPY has risen into the upper 163 area and remains technically bullish.
However, intervention concerns are likely to intensify as the pair approaches 164, leaving the market vulnerable to a sudden decline.
EUR/USD and GBP/USD remain on strong sell signals through the hourly and daily timeframes.
Even if short-term rebounds occur, the broader strategy remains to sell rallies.
Gold and silver are showing strong sell signals on the 15-minute, hourly, and daily charts.
Precious metals remain clearly weak, and a confirmed reversal is needed before considering long positions.
WTI crude oil remains on strong short-term buy signals, but the hourly and daily charts are neutral.
The previous strong uptrend has lost momentum, so traders should wait for renewed hourly improvement before considering long positions.
Bitcoin remains on strong sell signals on the hourly and daily charts.
Selling rallies remains preferable to buying dips.
In equities, the Dow Jones remains strong on shorter timeframes, while the S&P 500, Nasdaq 100, and Nikkei 225 remain weak on the daily charts.
Selective positioning across individual indices remains essential.
■ Summary
The current market is being driven by U.S. dollar strength, yen weakness, weaker precious metals, and weaker Bitcoin.
The strongest markets are:
USD/JPY
EUR/JPY
CAD/JPY
EUR/GBP
Dow Jones on short-term charts
The weakest markets are:
Natural Gas
Gold
Silver
Bitcoin
EUR/USD
GBP/USD
Overall, the preferred approach is to buy pullbacks in stronger markets such as USD/JPY, EUR/JPY, CAD/JPY, EUR/GBP, and the Dow Jones on shorter timeframes, while looking to sell rallies in weaker markets such as precious metals, Bitcoin, EUR/USD, GBP/USD, the Nasdaq 100, and the Nikkei 225.
