USD/PHP may fall 309 - 463 pips

Our pivot point is at 58.704.

Our preference

The downside prevails as long as 58.704 is resistance.

Alternative scenario

Above 58.704, look for 58.963 and 59.118.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 58.641 and 58.689). Finally, the USD/PHP is trading below its lower Bollinger band (standing at 58.529).

Supports and resistances

59.118 **

58.963 *

58.704 **

58.602

58.500 last

58.191

58.037 **

57.882 *

57.728 **

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