GBPCHF continues to fall inside the sharp downward impulse wave (iii) which started earlier from the powerful resistance level 1.22000 (which has been repeatedly reversing the pair from the end of April) standing near the upper daily Bollinger Band. The price just broke the support level 1.20000 –  which should add to the bearish pressure on GBPCHF. Given the rising bullish Swiss franc sentiment seen across the currency markets today – GBPCHF is expected to extend the losses toward the next support level 1.18000 (low of the previous minor correction (iv) from the start of October and the target price for the completion of the active impulse wave (iii).