Good day,
Currently on track to reach 60 for now as trend indicators continue to keep the pair above 58. Also noting that US Feds ain't done yet on rate hikes, expect this to further put a dent on PHP demand.
PHP continues to strengthen as weak demand for dollars in the country, lackluster import demand and continuing weakness in USD continues.
>Downtrend Line continues to be respected
>Trend Indicators remain weak
>Next Support level seen at 47.90 - 48.00 levels
Pattern: Channel Down.
Signal: (A) Buy as long as the 4 year Support holds. (B) Sell if it breaks.
Target: (A) 50.00 (just below the Symmetrical Resistance). (B) 48.00 (the next Support level).
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