Despite dipping to as long 1.2974, EUR/USD rebounded strongly and the breach of 1.3190 minor resistance dampened the immediate bearish view. Initial bias is neutral this week for some sideway trading first. On the upside, above 1.3321 will resume the rebound from 1.2625 and target 61.8% retracement of 1.4246 to 1.2625 at 1.3627.

USD/CHF's rebound to 0.9300 last week was stronger than expected. But the subsequent sharp fall revived our bearish view that fall from 0.9594 is not finished. Initial bias is mildly on the downside this week for a test on 0.9089 first. Break will target 0.9065.

USD/JPY soared sharply to as high as 79.60 last week and the break of 79.52 resistance indicates that whole rebound from 75.56 has resumed. Initial bias remains on the upside this week and current rise should target 61.8% retracement of 85.51 to 75.56 at 81.70 next.

USD/CAD continued to engage in choppy sideway trading above 0.9926 last week. The development suggests that price actions from 0.9926 are merely consolidations. And with 1.0070 minor resistance intact, near term outlook remains bearish. Initial bias remains neutral this week and some more consolidation could be seen.