Published: 2025-07-29T06:15:13.000Z
Chart USD/PHP Updates: Extend corrective gains
Technical Analyst
1
Pressure remains on the upside as prices extend bounce from the 56.620 low of last week
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 58.020 | * | 27 Feb high | S1 | 57.000 | * | figure, congestion | |
| R3 | 57.700/750 | * | Dec lows, congestion | S2 | 56.620 | * | 24 Jul low | |
| R2 | 57.630 | ** | 23 Jun high, 61.8% | S3 | 56.500 | * | congestion | |
| R1 | 57.390 | * | 17 Jul high | S4 | 56.160 | ** | 1 Jul low |
Asterisk denotes strength of level
06:10 GMT - Pressure remains on the upside as prices extend bounce from the 56.620 low of last week and see room to retest 57.390 high. Positive daily and weekly studies suggest scope for break here to open up room for retest of the 57.630, June high and 61.8% Fibonacci level. Clearance here will turn focus to strong resistance at the 57.700/57.750 area which is expected to cap. Corrective gains are expected to give way to selling pressure later with support raised to 57.0000 level. Below here will return focus to 56.620/56.500 congestion.