GBP/USD
The pound has tried several times to push through 1.97 resistance in recent months, but has been unsuccessful as of yet. The recent break down was somewhat unexpected and has the pound trading near strong support @ 1.92. Look for a bounce off this level to near 1.9475.

EUR/USD
Unable to break through resistance near 1.3250, this pair is moving back towards 1.30 support. In the short term look for this market to pullback and consolidate, though long term strength should continue due to the underlying fundamentals.

USD/JPY
This pair has seen a pretty drastic reversal in the last two weeks as buyers were unable to break 1.21 resistance and sellers took control. Psychological support near 115 should create a bounce in this pair though the long term trend may be turning down.

USD/CHF
The 1.21 level is acting as strong support for this pair, with choppy range trading between 1.21 and 1.2250. Resistance near 1.2330 should contain the upside of this market in the short term, keep you stops tight until the pair can break out from its recent range.

AUD/USD
This pair is trading very similar to the Pound and the Euro in that it has been unable to push through significant resistance and is breaking down from lofty levels. .7700 is strong support for this pair and I expect some type of near term bounce. However, this pair is more susceptible to a global slowdown so watch for a break below .7700 to signal a further pullback.

USD/CAD
After pulling back for several weeks testing support near 1.15, this pair bounced quite strongly and is now near strong resistance @ 1.18. The long term picture for this pair is not as clear and unless buyers can push to new highs I would expect trade to remain in the 1.16 -1.18 range.

Derek Frey is Head Trader at Odom & Frey Futures & Options.

Risk Disclaimer
Past performance is not indicative of future results. Trading futures and options is not suitable for everyone. There is a substantial risk of loss in trading futures and options.