USD/PHP may fall to 56.583 - 56.982

Our pivot point stands at 58.529.

Our preference

The downside prevails as long as 58.529 is resistance.

Alternative scenario

The upside breakout of 58.529, would call for 59.201 and 59.602.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 58.313 and 58.527). Finally, the USD/PHP has penetrated its lower Bollinger band (57.847).

Supports and resistances

59.602 **

59.201 *

58.529 **

58.264

57.800 last

56.982

56.583 **

56.184 *

55.785 **

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