USD/PHP may rise 305 - 458 pips

Our pivot point stands at 57.609.

Our preference

The upside prevails as long as 57.609 is support.

Alternative scenario

The downside breakout of 57.609 would call for 57.352 and 57.200.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (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 57.667 and 57.587). Finally, the USD/PHP has crossed above its upper Bollinger band (57.770).

Supports and resistances

58.573 **

58.420 *

58.268 **

58.115

57.810 last

57.709

57.609 **

57.352 *

57.200 **

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