SFM11 – June Swiss Franc (Last:1.1015)

June Swiss Franc (SFM11) price chart with targetsI don’t offer regular coverage of the Swissie, but a chat-room query has prompted me to take a look. Fortunately, there is a very clear, bullish pattern on the 480-minute chart that allows for a confident projection of another leg up. The relevant Hidden Pivot target is 1.1274, and it looks quite compelling. If there is any second-guessing to be done, it stems from the fact that the pennant consolidation that has occurred so far since last Thursday seems capable of propelling the futures at least somewhat higher than our target. Regardless, we should use 1.1274 as a minimum upside projection for now.  If trading from the long side, the most promising place to look for an entry opportunity would be near 1.0977, the Hidden Pivot midpoint associated with our target. _______ UPDATE: The futures bounced 116 ticks from within 0.0011 points of the midpoint pivot given above, so traders could have caught a nice ride with a fairly tight stop-loss.  If you jumped on this one and took a partial profit on the spike, use a stop at 1.0989 for what remains of the position, trailing a stop by 20 ticks if the futures pop above 1.1058.