USD/PHP may rise 308 - 462 pips

Our pivot point stands at 58.031.

Our preference

Our next up target stands at 58.752.

Alternative scenario

Below 58.031, expect 57.773 and 57.619.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is above its 20 and 50 period moving average (respectively at 58.256 and 58.257).

Supports and resistances

59.059 **

58.906 *

58.752 **

58.598

58.290 last

58.133

58.031 **

57.773 *

57.619 **

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