USD/PHP may fall 308 - 462 pips

58.513 is our pivot point.

Our preference

Target 57.848.

Alternative scenario

Above 58.513, look for 58.772 and 58.926.

Comment

The RSI is below its neutrality area at 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 (58.324) but above its 50 period moving average (58.305).

Supports and resistances

58.926 **

58.772 *

58.513 **

58.412

58.310 last

58.002

57.848 **

57.694 *

57.540 **

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