GBPCHF recently broke through the resistance area lying between the round resistance level 1.20000 (which was set as the likely upward target in or earlier forecast for this instrument), and 38.2% Fibonacci retracement of the previous sharp weekly downward impulse wave from October of 2019. This price area is acting as the support zone after it was broken. Given the recent weekly Bullish Engulfing reversal pattern – GBPCHF is likely to extend the gains toward the next resistance level 1.22500 (50% Fibonacci retracement of the aforementioned downward impulse wave from October).