Chart USD/PHP Updates: Extending gains
Break above 61.500 congestion see prices extending strong gains from the 60.600 low of 5 August to reach towards 61.750 May high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 62.000 | * | figure | S1 | 61.500 | * | congestion | |
| R3 | 61.930 | ** | 5 Jun all-time high | S2 | 61.200 | * | congestion | |
| R2 | 61.860 | ** | Jul high | S3 | 61.000 | ** | 7 Aug high | |
| R1 | 61.750 | * | May high | S4 | 60.800 | * | Mar high |
Asterisk denotes strength of level
06:40 GMT - Break above 61.500 congestion see prices extending strong gains from the 60.600 low of 5 August to reach towards 61.750 May high. Clearance here will expose the 61.860 July high and 61.930 June historic high to retest. Would expect reaction at these highs as prices extend into overbought areas but a later clearance cannot be ruled out. Meanwhile, support is raised to the 61.500 level. Break here will ease the upside pressure and see room for consolidation to support at the 61.200/61.000 area and high of 7 August which is expected to underpin and sustain bounce from 60.600 low.