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GBPCHF reversed from support zone; Likely to rise to resistance level 1.24650.

GBPCHF currency pair recently reversed up from the powerful support zone lying between the long-term support level 1.23000, which has been reversing the pair from the middle of February, lower daily Bollinger band and the 61.8% Fibonacci correction of the upward impulse form last December. The upward reversal from this support zone stopped the earlier intermediate impulse wave (C). Given the strength of the aforementioned support zone, Swiss franc bearishness seen across the FX markets today, GBPCHF currency pair can be expected to rise further toward the next resistance level 1.24650 (former multi-month support from August).

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