GBP/USD edged higher to 1.6300 last week but turned into consolidation since then. Initial bias remains neutral this week and deeper fall could be seen. But downside is expected to be contained by 1.6060 resistance turned support and bring rally resumption. Above 1.6300 will target 100% projection of 1.5234 to 1.5991 from 1.5602 at 1.6359 next.

AUD/USD's consolidation from 1.0225 completed with three waves to 1.0473 and last week's break of 1.0225 confirmed resumption of whole decline from 1.0852. Initial bias remains on the downside this week for 61.8% projection of 1.0852 to 1.0225 from 1.0473 at 1.0086 first and then 100% projection at 0.9846.

USD/CAD's rebound from 0.9799 accelerated to as high as 0.9962 last week. Current development, with daily MACD crossed above signal line, suggests that a short term bottom is at least formed at 0.9799. Initial bias is on the upside this week for a test on 1.0053 resistance.

USD/JPY's decline continued last week and reached as low as 78.99, breaking mentioned 61.8% retracement of 76.02 to 84.17 at 79.13. Initial bias remains on the downside the week and current fall should target 75.56/76.02 support zone in near term. On the upside, break of 80.54 resistance is needed to indicate bottoming.

USD/CHF continued to engage in sideway trading in the triangle pattern from 0.8930 last week and outlook remains unchanged. Such pattern reflected indecisive underlying sentiments. Breakout from 0.9041/9251 range is needed to clear the near term picture. Otherwise, we'll stay neutral.