GBP/USD
The cable is now trading near the lower end the range since late November. Support near 1.91 and resistance near 1.94 are key levels for this pair, a break down through support would destabilize the market and could lead to a further correction. However, fundamentals still favor the upside for this pair so look to buy on dips with a trailing stop to manage risk.

EUR/USD
Prospects for growth in the Euro Zone remain stronger than in the U.S and the technical resilience of this market also favor further upside. In the short term, 1.3275 and 1.3070 remain important levels to watch. A sustained move above 1.3275 would be a strong sign of long term strength.

USD/JPY
This pair has been quite volatile lately as the market tries to digest the uncertain fundamental factors. Support near 115 and resistance near 118.50 are the important levels for this pair. Traders should use those levels to place stops and manage risk during the increased volatility.

USD/CHF
Last week this pair finally broke free from its recent range, climbing through 1.2250 and up towards 1.24 resistance. Congestion between 1.2350 and 1.24 should act as resistance for this pair and would be a good place for long to tighten stops or take profits.

AUD/USD
The Aussie bounced off strong support near .7700 last week, and is now in the middle of a range between .7950 and .7700. A slowdown in Asian economic growth could create real weakness in this pair, watch for a break down through .7700 and poor economic news to short this pair.

USD/CAD
This pair was unable to break above 1.18 resistance and sellers took control. Support is down near 1.16, so the short side of this pair remains more attractive in the near term. Sellers should look to fade this pair on any push tabove 1.1820 with 30 pip stops to manage risk.

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.