USD/PHP may rise to 59.249 - 59.934

Our pivot point stands at 56.524.

Our preference

The upside prevails as long as 56.524 is support.

Alternative scenario

The downside breakout of 56.524 would call for 55.383 and 54.703.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 56.435 and 56.472). Finally, the USD/PHP has crossed above its upper Bollinger band (57.792).

Supports and resistances

61.303 **

60.618 *

59.934 **

59.249

57.820 last

56.972

56.524 **

55.383 *

54.703 **

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