USD/PHP may fall to 57.255 - 57.637

Our pivot point is at 59.055.

Our preference

Target 57.255.

Alternative scenario

Above 59.055, look for 59.698 and 60.081.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (58.676) but above its 50 period moving average (58.279).

Supports and resistances

60.081 **

59.698 *

59.055 **

58.803

58.425 last

57.637

57.255 **

56.873 *

56.491 **

Number of asterisks represents the strength of support and resistance levels.