Trade of the Day: AUD/CHF

The FX market is expected to be quiet today as US and UK banks are closed for holiday. Economic Data: - (SG) Singapore Apr Industrial Production M/M: -4.7% v -4.5%e; Y/Y: 4.6% v 4.7%e 
- Germany Jun GKF Consumer Confidence: 8.5 v 8.5e; matches 7-year high
- (EU) ECB €125M borrowed in overnight loan facility vs. €183.0M prior; €23.8B parked in deposit facility vs. €19.9B prior - Daily Eurosystem Liquidity Conditions 
- (CH) SNB: Swiss sight deposits for week ended May 23rd (CHF): 304.1B v 307.0B prior Will be looking at technical levels for trading opportunities today. Looking at a short position on the AUD/CHF pair if an hourly close is seen below 0.8260. with targets at 0.8170. (Charts are courtesy from www.okafx.com)  

Daily chart sees Monthly resistance @ 0.8300, a daily close beyond this level, will likely see AUD/CHF move higher in the next couple of days, therefore, this is seen as a strong support for this currency pair.

The 4 hour session for the currency pair looks resisted by the weekly resistance. Seems that potential downside is building in the medium term.

From my 30-min chart, I see potential downside if an hourly close is seen below 0.8260.

Samuel Tay