USD/PHP may fall to 54.643 - 55.139

Our pivot point stands at 56.946.

Our preference

The downside prevails as long as 56.946 is resistance.

Alternative scenario

The upside breakout of 56.946, would call for 57.781 and 58.278.

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 57.128 and 57.978).

Supports and resistances

58.278 **

57.781 *

56.946 **

56.618

56.265 last

55.139

54.643 **

54.148 *

53.652 **

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