GBP/USD
The cable has had a nice little pullback but frankly we see even more of a pullback this week. We continue to target the 62% Fib. retracement level which lies at roughly 1.9800. After we complete this retracement we expect to buy long so be ready to reveres on the next Doji.

EUR/USD
The Euro did push slightly higher last week but seems to be settling into a consolidation range between 1.3540 and 1.3680. This range could widen later in the week and a widening to the downside is our bias. The market could slide back to 1.3400 if sellers step in.

USD/JPY
This pair did rally as we expected, but fell short of our 120 target. As of this morning we have reversed and are now short from 119.58 with stops at 119.89. We have reached the upper end of the trading range and now simply see this pair pulling back to at least the mean and then most likely a retest of lower trendline support again.

USD/CHF
This pair is still drifting sideways and remains unable to push through 121. We see 120 as strong near term support and still target a move back towards 122 in the week ahead.

AUD/USD
The Aussie continues to drift sideways and consolidate the recent gains. We could see this pair correct a bit more later in the week. We see .8100 as strong support and a good downside target.

USD/CAD
The trend is your friend here and this market has been on a one way sell off for weeks now. We are nearing strong support levels between 1.1100 and 1.1000 so look for a bounce soon.

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.