BSP announces rate cut last May 9 and multiple RRR cuts thereafter. USDPHP has spoken it wants to go up. Possibly 56 if the previous 8% to 9% runups are any indication.
Weekly chart shows that it already broke down its trend support and forming head and shoulders. it would be better if we short now until the elections this coming May
US Dollar and Philippine Peso Analysis (Daily Chart) 11.13.2018
Still an Uptrend. Price hit EMA 200 on 11/7, Bearish Candle, but followed by 2 Bullish Candle
Price just came from a major support level
Retracement already ended, Stochastic is almost on level (out of the oversold zone)
Generally a Healthy uptrend
Recommendations: BUY at 53.025 when market opens...
The chart is telling us that we will have a stronger peso this coming days and it is foretasted to go down to 52 level to complete the Potential Bullish Cypher harmonic Pattern.
Looks like the Philipppine Peso will be stronger on the coming days over the US Dollar. Technically USDPHP is toppish. USDPHP already reached the upper trenline of the Uptrend Channel and also making a higher low. There is already a divergence between the price and Relative Strenght Index.
Support levels are at 51.46, 51.12 and 50.78. Resistance is seen at 52.
As I said lately, this will continue going down till it reach the support line. In fact I won't be surprised if this support get pierced and goes in a bit of a sideways then down again, 'cause the Philippine economy is at its prime in this generation, and local media even see risk that this economy would overheat.
Chart Analysis 6 - US Dollar Philippine Peso (USD/PHP) Uptrend Channel - March 10, 2018
USD/PHP Price Forecast at 55.71 Level.
USDPHP faced with resistance at the upper trend line of the Uptrend Channel, so the price is consolidating. Nevertheless, the pair is likely going to continue moving up towards the next resistance at 53.96 and 55.71-(Potential Reversal...
