How do you CD change directory into the absolute path of a symbolic linked directory?

I'm currently in a symbolic link directory and I want to go up one level in the absolute path, but I cant as it will hit me back up to my home directory (~). I can do pwd -P to get the absolute path, but how do I pipe that result into the cd command? I always thought it was this: {}

Sample:

10:21:55 {master *} ~/ch$ pwd -P 
/home/drupal/sites/all/themes/house

10:22:16 {master *} ~/ch$ pwd -P | cd {}
bash: cd: {}: No such file or directory

10:22:20 {master *} ~/ch$ 

This works for me:

cd `pwd -P`

You can also use cd -P like this:

cd -P ~/ch

or if you're already in the symlinked directory:

cd -P .

You can insert the output of some command into the command line with the command substitution operator $(...).

For example, this will go to the physical current working directory (all symbolic links resolved):

cd $(pwd -P)

To go up one level (your ultimate goal, as I understood):

cd $(pwd -P)/..