USD/PHP may rise 294 - 442 pips

55.571 is our pivot point.

Our preference

Rebound towards 56.207.

Alternative scenario

The downside breakout of 55.571 would call for 55.323 and 55.176.

Comment

The RSI is below 50. The MACD is negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 55.793 and 55.827).

Supports and resistances

56.501 **

56.354 *

56.207 **

56.059

55.765 last

55.668

55.571 **

55.323 *

55.176 **

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