EUR/USD - At a glance: Local Support/Resistance comes in at 1.1825 and 1.1885 respectively. Larger scale key levels of S come into play at 1.1800. On larger scale R we have 1.1915/30 as a critical for meaningful advances in the euro against the U.S. dollar. Summary: The session started off with a kick, as dealers in Asia felt it best to jostle the majors on light volume at the key level. The pair traded lower on the action only to come right back less than an hour later, indicating dealers were anxious to clear the book of orders hanging over the weekend. The play inspired some mean reverting pricing about the 1.1865 benchmark level in European trading. The mire should offer breakout strategies some follow through on probes of the session range of 1.1875/1.1825. GBP/USD - At a glance: Local Support/Resistance come in at 1.7385 and 1.7415 respectively. Larger scale levels of S come in at 1.7350. On the R side we have 1.7450 as a sticking point for advances in the Great British sterling against the dollar. Summary: The pair hammered out some clear S in European trading at the level we noted as critical Friday just below the 7400 figure down through 1.7380. The level offers traders the first bit of actionable information this week as little data out of the UK is slated early on. Early session flows in American trading indicate a move higher could be in the immediate future. USD/CHF - At a glance: Local Support/Resistance comes in at 1.3185 and 1.3215 respectively. Larger scale levels of Support come into play at the false top of 1.3150. On the Resistance side we have trend studies indicating 1.3250 as a major sticking point for further advances in the US dollar against Swiss francs. Summary: The pair is trading in the hot spot created by the session opening fireworks near the 3200 figure as the market awaits the housing data from the US. Traders note the pair looks tired in here, but also go on to say that the book is clean and the data out of the US could inspire another jolt higher. Nevertheless, R is heavy as many were stranded floating losers throughout the European session and they may be eager to jump out on another foray above the level. The local S we noted above will be critical for those trying to price this pair lower. USD/JPY - At a glance: Local Support/Resistance comes in at 116.65 and 117.00 respectively. Larger scale levels of R reside at 117.45 with S at 116.40 Summary: News from the Japanese government kept the market on its toes early on, as the BoJ sees deflation on the verge of being defeated. The comments inspired a 100+ pip drop in the pair, taking it down from the 1700 figure. The fall stopped just below the 1600 figure early in European trading when all was said and done. USD/CAD - At a glance: Local Support/Resistance comes in at 1.1480 and 1.1515 respectively. Larger scale key levels of Support are scattered throughout the region spanning 1.1380/1400. On the broader scope, Resistance at 1.1550 is considerable. Summary: The pair crashed through the 1.1460 level early in American trading on the heels of the employment data release from the Canadian government this morning. The move has fizzled a bit as the market awaits the US housing data, perhaps offering a glimpse into the Feds ceiling on rates.