USD/PHP may rise 302 - 454 pips

Our pivot point stands at 57.090.

Our preference

The upside prevails as long as 57.090 is support.

Alternative scenario

The downside breakout of 57.090 would call for 56.836 and 56.685.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 57.179 and 57.094).

Supports and resistances

58.046 **

57.895 *

57.744 **

57.592

57.290 last

57.190

57.090 **

56.836 *

56.685 **

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