Published: 2025-03-14T05:54:05.000Z
Chart USD/PHP Updates: Consolidating, but room for further losses
Technical Analyst
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Remains in consolidation above the 57.100 low of last week as prices unwind the oversold daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 57.800 | * | congestion | S1 | 57.100 | ** | 7 Mar YTD low | |
| R3 | 57.710 | ** | Dec low | S2 | 56.880 | * | 61.8% Sep/Dec rally | |
| R2 | 57.530 | * | 11 Mar high | S3 | 56.760 | * | 8 Oct low | |
| R1 | 57.400 | congestion | S4 | 56.500 | * | congestion |
Asterisk denotes strength of level
05:50 GMT - Remains in consolidation above the 57.100 low of last week as prices unwind the oversold daily studies. However, shallow bounce keeps pressure on the downside and lower will see room for deeper pullback to retrace the September/December rally to the 57.000 level then 56.880, 61.8% Fibonacci level. Lower still will see extension to the 56.760 support and 56.500 congestion. Meanwhile, resistance is lowered to the 57.400 congestion which extend to the 57.530 bounce high which is expected to cap and sustain losses from the 58.000 level.