The analysis for the week ending January 23rd, 2026, begins with the DXY, identifying a bullish trend from late December into early January, marked by a 1-hour change of character (ChoCH) and subsequent breaks of structure (BoS). A unique 'distribution channel' is introduced, suggesting that if DXY maintains its bullish momentum, a pullback into the 99.275-99.300 fair value gap (FVG) area could precede a push towards the 4-hour FVG around 99.671 and 100.021. Acceptance below 99.190 would invalidate the bullish bias for DXY. For EURUSD, a clear bearish trend with lower highs and lower lows is observed. The market is expected to push lower, targeting potential support in the 1.15750 to 1.15366 FVG regions. A wick into the identified 15-minute order block around 1.1615 early next week could offer a shorting opportunity, with the bearish trend remaining intact as long as prices stay below the protected high of 1.17507. GBPUSD also exhibits a confirmed bearish trend from the start of last week, indicated by a ChoCH and subsequent BoS. A pullback into a 1-hour imbalance above 1.34700 is expected before a continuation of the downtrend. The analysis suggests shorting opportunities with a protected high at 1.35218. AUDUSD is noted to be in a sideways mode, but with the New Zealand Dollar showing a bearish ChoCH, the Australian Dollar is anticipated to follow by breaking its protected low at 0.66680 and targeting daily FVGs at 0.66251 and 0.65788. Finally, for XAUUSD, a strong bullish trend is observed, characterized by multiple BoS. The strategy is to buy on pullbacks. Potential retracements into specific imbalances between 4479.790 and 4332.990 are identified as entry points for long positions, with the ultimate target being new highs. However, a deep drop below 4400.000 without a lower timeframe ChoCH would raise concerns for the bullish continuation.