USD/PHP may fall 309 - 463 pips

Our pivot point stands at 58.674.

Our preference

Target 57.997.

Alternative scenario

Above 58.674, look for 58.933 and 59.087.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (58.489) but above its 50 period moving average (58.429).

Supports and resistances

59.087 **

58.933 *

58.674 **

58.572

58.460 last

58.151

57.997 **

57.843 *

57.688 **

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