USD/PHP may fall 320 - 467 pips

Our pivot point stands at 56.060.

Our preference

The downside prevails as long as 56.060 is resistance.

Alternative scenario

Above 56.060, look for 56.307 and 56.455.

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 is trading under both its 20 and 50 period moving average (respectively at 55.908 and 55.941).

Supports and resistances

56.455 **

56.307 *

56.060 **

55.962

55.865 last

55.545

55.398 **

55.250 *

55.103 **

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