GBP/USD
The cable is still in pullback mode. Even a hike in interest rates was not able to turn this market back up. That shows how overbought this market really was. This week's downside target is a move below 1.97. We see solid support near 1.96 slowing or stopping the current slide.

EUR/USD
This pair continues to pullback off of its highs. We see this trend continuing in the near term. Our downside target for the week is a move to 1.34, trend line resistance lies at roughly 1.3575, so use that as a stop point.

USD/JPY
This pair is also rallying and we could see a move back to 121.00 this week. While we expect dollar strength across the board this week we do not see this particular pair moving much higher due to the fact that it is already high relative to other pairs.

USD/CHF
The Swissy continues to hold up and we see this market pushing above 1.22 this week we are targeting a move back to 1.2280 to test the April 9th, 2007 highs.

AUD/USD
This pair continues to try and turn the tide back up but we still feel that this market is a sell this week. We continue to target a move back towards .8200 with stops above .8350.

USD/CAD
This pair is also trying to buck the trend but frankly we see that failing and we are still targeting a move back to the 1.12 -1.13 range in the near term.

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

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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.