USD/PHP may rise to 59.795 - 60.318

57.952 is our pivot point.

Our preference

The upside prevails as long as 57.952 is support.

Alternative scenario

Below 57.952, expect 57.075 and 56.554.

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 above its 20 and 50 period moving average (respectively at 58.287 and 57.633).

Supports and resistances

61.363 **

60.840 *

60.318 **

59.795

58.710 last

58.296

57.952 **

57.075 *

56.554 **

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