USD/PHP may fall 304 - 456 pips

Our pivot point stands at 57.713.

Our preference

The downside prevails as long as 57.713 is resistance.

Alternative scenario

Above 57.713, look for 57.969 and 58.120.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 57.685 and 57.753).

Supports and resistances

58.120 **

57.969 *

57.713 **

57.613

57.513 last

57.209

57.057 **

56.906 *

56.754 **

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