GBP/USD
As with the Euro, the cable found strong support near 1.9750 and is now following through to the upside. Psychological resistance near 2.00 is likely to contain this market in the near term, though a sustained push through that level would once again have this pushing to 20year highs.

EUR/USD
The fundamental strength in the Euro Zone continues to support the long term uptrend in this pair. Strong support near 1.34 held last week and now this market looks to follow through. In the near term upside targets of 1.3540, 1.3590 and 1.3630 should act as resistance and good places to take profits.

USD/JPY
Last week we mentioned that economic strength in Japan was going to create strength in the yen, and thus begin to weaken this pair. The market appears to have topped out near 1.22 and if this pair can break below 121.30 would add to my short position and trail my stop above 121.72. This market has a lot of room to the downside and I would expect it to fall on its own weight if the BoJ becomes openly hawkish on their interest rates.

USD/CHF
The Swissy continues to struggle with 1.23. We expect that resistance to hold the market back from further advances this week. Look for the Swissy to trade in its new sideways range this week. That range is 1.2325 to 1.22.

AUD/USD
This pair continues to try and turn the corner back up but with the stock market in Asia showing signs of slowing this pair too should slow its otherwise meteoric rise. We expect resistance at about .8350 to hold this pair back this week. We are targeting a move back towards .8200.

USD/CAD
This market is still trending lower so we must continue to ride this trend. We remain weary of an upside bounce that is sure to come so continue to trail your stops with the market.

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.