USD/PHP may rise to 58.166 - 58.770

Our pivot point is at 55.947.

Our preference

The upside prevails as long as 55.947 is support.

Alternative scenario

The downside breakout of 55.947 would call for 54.937 and 54.337.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 56.062 and 56.534). Finally, the USD/PHP is trading above its upper Bollinger band (standing at 56.775).

Supports and resistances

59.976 **

59.373 *

58.770 **

58.166

56.895 last

56.343

55.947 **

54.937 *

54.337 **

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