USD/PHP may rise 314 - 469 pips

Our pivot point is at 58.426.

Our preference

As long as 58.426 is support look for 59.153.

Alternative scenario

The downside breakout of 58.426 would call for 58.166 and 58.011.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 58.632 and 58.602).

Supports and resistances

59.463 **

59.308 *

59.153 **

58.998

58.684 last

58.528

58.426 **

58.166 *

58.011 **

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