Chart USD/PHP Updates: Room for deeper pullback from 64.180, all-time high
Reached fresh all-time high at 64.180 last week before settling back to consolidate strong gains from the 62.270, September swing low
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 65.000 | projection | S1 | 63.500 | * | congestion | ||
| R3 | 64.500 | congestion | S2 | 63.000 | ** | 8 Oct high, congestion | ||
| R2 | 64.180 | ** | 27 Oct all-time high | S3 | 62.500 | * | congestion | |
| R1 | 64.000 | * | figure, congestion | S4 | 62.270 | * | Sep low |
Asterisk denotes strength of level
06:30 GMT - Reached fresh all-time high at 64.180 last week before settling back to consolidate strong gains from the 62.270, September swing low. Daily and weekly studies have turned down from overbought areas and suggest room for pullback to the 63.500 congestion. Break here will open up room for deeper correction to the 63.000 level and 62.940 September high which should underpin. Failure here will see room for deeper correction of the August/October rally. Meanwhile, resistance at the 64.000 figure and extending to 64.180 high are expected to cap. Clearance, will extend the underlying bull trend to 64.500 congestion.