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USD/CAD rose strongly to as high as 1.3693 last week. The break of 1.3598 resistance confirms resumption of medium term rise from 1.2460. Further rally would now be seen to next medium term fibonacci level at 1.3838 ahead.

Initial bias in USD/CAD remains on the upside this week. Current rise from 1.3222 should now target 1.3838 fibonacci level. Rise from 1.2460 is having a corrective structure. Hence, we'd look for topping signal above 1.3898. On the downside, below 1.3529 minor support will turn bias neutral and bring consolidation. But for now, outlook will remain bullish as long as 1.3222 support holds.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The first leg has completed at 1.2460. The second leg from 1.2460 is likely still in progress and could target 61.8% retracement of 1.4689 to 1.2460 at 1.3838. We'd look for reversal signal there to start the third leg. However, break of 1.3222 support will argue that the third leg has already started and should at least bring a retest of 1.2460 low. Meanwhile, sustained trading above 1.3838 would pave the way to retest 1.4689 high.

In the longer term picture, rise from 0.9056 (2007 low) is viewed as a long term up trend. It's taking a breath after hitting 1.4689. But such rise expected to resume later to test 1.6196 down the road.

GBP/JPY rose sharply to as high as 144.48 last week. The development should have confirmed our view that consolidation pattern from 148.42 has completed at 135.58, ahead of 135.39 medium term fibonacci level. Further rise should be seen through 148.42 ahead.

Initial bias in GBP/JPY remains on the upside this week. Break of 144.77 resistance will likely resume the whole rebound from 122.36 through 148.42 resistance. On the downside, break of 143.13 minor support will turn bias neutral and bring consolidation before staging another rally.

In the bigger picture, based on current momentum, rise from 122.36 bottom should be developing into a medium term move. Break of 38.2% retracement of 195.86 to 122.36 at 150.42 should pave the way to 61.8% retracement at 167.78. This will now be the favored case as long as 135.58 support holds.

In the longer term picture, based on the impulsive structure of the decline from 195.86 to 122.36, such fall should be completed yet. But we will now pay close attention to the structure of the rise from 122.36 to determine whether it's a corrective move, or an impulsive move. That would decide whether a break of 116.83 low would be seen.

EUR/JPY jumped to as high as 121.99 last week. The development indicates completion of correction from 124.08, with three waves down to 114.84. And, whole medium term rebound from 109.20 is resuming. We'd expect further rally in near term, through 124.08 to 126.09 key resistance next.

Upside momentum in EUR/JPY is a bit unconvincing as seen in 4 hour MACD. Further rise is expected this week as long as 118.91 support holds. Above 121.99 will target 122.88 resistance. Decisive break there should send EUR/JPY through 124.08 to 126.09 key resistance next. However, break of 118.91 will turn focus back to 114.84 instead.

In the bigger picture, focus is back on 126.09 support turned resistance. Decisive break there will confirm completion of the down trend from 149.76. And in such case, rise from 109.20 is at the same degree and should target 141.04 resistance and above. Meanwhile, rejection from 126.09 and break of 114.84 will extend the fall from 149.76 through 109.20 low.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. We're not seeing any sign of an established long term trend yet. Hence, we'll be cautious on strong support at 94.11 in case of another fall. Also, there could be strong resistance at 149.76 in case of a medium term rise.

EUR/AUD soared to as high as 1.4334 last week but lost momentum ahead 1.4721 key resistance. Overall, we're holding on to the view of trend reversal after defending 1.3671 key support. As long as 1.3443 support holds, we'd expect another rise to break through 1.4721 to confirm our bullish view.

Initial bias in EUR/AUD is neutral this week first. Some consolidation could be seen but retreat should be contained by 1.4334 resistance turned support and bring another rally. Above 1.4649 will target 1.4721 key resistance. Decisive break of 1.4721 will confirm our bullish view. However, break of 1.4334 will suggest rejection from 1.4721 and turn bias back to the downside for 1.3980 support instead.

In the bigger picture, price actions from 1.6587 medium term top are viewed as a corrective pattern. Such correction could be completed after defending 1.3671 key support. Break of 1.4721 cluster resistance (38.2% retracement of 1.6587 to 1.3624 at 1.4756) should confirm this case and target 61.8% retracement at 1.5455 and above. Overall, we'd expect the up trend from 1.1602 to resume later. However, sustained break of 1.3671 will invalidate our bullish view and would turn extend the fall from 1.6587 towards 1.1602 long term bottom.

In the longer term picture, the rise from 1.1602 long term bottom isn't over yet. We'll keep monitoring the development but there is prospect of extending the rise to 61.8% retracement of 2.1127 to 1.1602 at 1.7488 and above. However, sustained trading below 1.3671 should confirm trend reversal and target 1.1602 long term bottom again.

Despite rebounding to 0.8529 last week, EUR/GBP quickly lost momentum and reversed. The development now suggests that fall from 0.8786 could be resuming. And focus is back to 0.8303/12 support zone in near term. Overall, price actions form 0.9304 is seen as a corrective pattern that is extending.

Initial bias in EUR/GBP is mildly on the downside this week for 0.8303/12 support zone. Break there will extend the corrective fall from 0.9304 to to 0.8116/20 cluster support. We'd expect strong support from there to bring rebound. On the upside, above 0.8461 minor resistance will turn bias to the upside for 0.8529. Break will resume the rebound from 0.8312 and target 0.8786 resistance.

In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. In case of deeper fall, we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside. Rise from 0.6935 (2015 low) will resume at a later stage to 0.9799 (2008 high). However, sustained break of 0.8116 could bring deeper decline to next key support level at 0.7564 before the correction completes.

In the long term picture, firstly, price action from 0.9799 (2008 high) is seen as a long term corrective pattern and should have completed at 0.6935 (2015 low). Secondly, rise from 0.6935 is likely resuming up trend from 0.5680 (2000 low). Thirdly, this is supported by the impulsive structure of the rise from 0.6935 to 0.9304. Hence, after the correction from 0.9304 completes, we'd expect another medium term up trend to target 0.9799 high and above.

EUR/CHF surged to as high as 1.0869 last week and formed a temporary top there. It then turned into sideway consolidation. The firm break of 1.0823 is taken as a signal of larger reversal. Hence, further rally is expected in near term to 1.0897 resistance next.

Initial bias in EUR/CHF is neutral this week for consolidation first. Downside of retreat should be contained by 1.0781 minor support and bring another rise. Above 1.0869 will target 1.0897 resistance next. Decisive break there should confirm our bullish view of reversal. However, break of 1.0781 will bring deeper fall back towards 1.0652 support instead.

In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Current strong rebound is raising the chance that it's completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.0999 resistance will target a test on 1.1198 high. For now, this will be the preferred case as long as 1.0652 support holds.

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