USD/PHP may rise 306 - 459 pips

57.748 is our pivot point.

Our preference

The upside prevails as long as 57.748 is support.

Alternative scenario

Below 57.748, expect 57.491 and 57.338.

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 above its 20 and 50 period moving average (respectively at 57.853 and 57.819).

Supports and resistances

58.715 **

58.562 *

58.409 **

58.256

57.950 last

57.849

57.748 **

57.491 *

57.338 **

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