USD/PHP may fall 321 - 475 pips

Our pivot point is at 58.615.

Our preference

The downside prevails as long as 58.615 is resistance.

Alternative scenario

The upside breakout of 58.615, would call for 58.874 and 59.028.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 58.438 and 58.440).

Supports and resistances

59.028 **

58.874 *

58.615 **

58.513

58.406 last

58.085

57.931 **

57.776 *

57.622 **

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