USD/PHP may fall to 55.104 - 55.563

57.232 is our pivot point.

Our preference

The downside prevails as long as 57.232 is resistance.

Alternative scenario

Above 57.232, look for 58.004 and 58.464.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (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 57.688 and 58.216).

Supports and resistances

58.464 **

58.004 *

57.232 **

56.928

56.561 last

55.563

55.104 **

54.645 *

54.187 **

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