USD/PHP may rise to 59.634 - 60.231

Our pivot point is at 57.504.

Our preference

As long as 57.504 is support look for 60.231.

Alternative scenario

The downside breakout of 57.504 would call for 56.504 and 55.908.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is below its 20 period moving average (58.532) but above its 50 period moving average (58.211).

Supports and resistances

61.425 **

60.828 *

60.231 **

59.634

58.430 last

57.897

57.504 **

56.504 *

55.908 **

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