It’ll be entertaining to watch Switzerland’s new, inflationary monetary policy self-destruct, since, as we all know, it’s simply not like the Swiss to trash their currency.  News reports would have us infer they will do whatever it takes to hold the franc down, but they might as well be trying to suppress an earthquake, since global demand for a hard currency could not have settled on a historically more reliable vehicle.  From a Hidden Pivot standpoint, their fright-mask tactic has just a tad further to go before it reaches a troublesome support at 1.1291.  If the negative hubris succeeds in breaching that Hidden Pivot on a closing basis, however, they might be able to pull the September contract down to 1.0724.  We wish them good luck, since anything made in Switzerland these days, even a Big Mac, has become unaffordable to all consumers except for those able to pay with gold.