The GBPCHF currency pair has been rising for two months and is trading just below the 1.2700 - 1.2820 resistance level. At the same time, the Stochastic Oscillator is above the 90 level, which may inspire the bears. The British pound strengthened against most currencies and the fall in the gold price weakened the Swiss franc (CHF is pegged to gold prices), allowing GBPCHF an easy way up. A pullback from resistance levels could be stopped by the 1.2270-1.2200 support zone, which converges with the moving averages. The next support level would be around 1.1770 - 1.1690.
If the bulls send the exchange rate above the 1.2830 level, it could rise further unhindered to the resistance level around 1.3180 - 1.3300.