USD/PHP may fall 301 - 452 pips

57.120 is our pivot point.

Our preference

The downside prevails as long as 57.120 is resistance.

Alternative scenario

Above 57.120, look for 57.373 and 57.523.

Comment

The RSI is below 50. 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 56.979 and 56.959).

Supports and resistances

57.523 **

57.373 *

57.120 **

57.021

56.913 last

56.612

56.461 **

56.311 *

56.161 **

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