GBPCHF reached in April, vicinity of levels(1.3855) the weekly candle opening from June 19th 2016. It was just this week that the vote on Brexit took place, after which the sterling sell off took place.
As can be seen in the weekly chart below, it was in the area around level 1.3855 that a bearish pin bar was created, after which the exchange slipped by over 800 pips, and the stock prices moved back to the key support area of 1.2900.
The test of the support mentioned above is expected after breaking the lower limit of a small consolidation at 1.3030. In addition, this support coincides with the upward trend line running from the 2016 year low this year.
If the sellers succeeded in overcoming the area of 1.2900, they would open the way for a decline in the direction of 1.2250. Alternatively, another attack on the high at 1.3855 is expected after closing the quotations on the weekly chart over the area around 1.3270.