USD/PHP may rise to 59.824 - 60.361

Our pivot point is at 57.883.

Our preference

The upside prevails as long as 57.883 is support.

Alternative scenario

Below 57.883, expect 56.984 and 56.448.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 58.003 and 57.385).

Supports and resistances

61.435 **

60.898 *

60.361 **

59.824

58.720 last

58.237

57.883 **

56.984 *

56.448 **

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