Chart USD/PHP Updates: Consolidating gains to 63.000 all-time high
Edged to fresh all-time high at the 63.000 level last week before settling back in consolidation to unwind overbought daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 64.100 | projection | S1 | 62.500 | * | congestion | ||
| R3 | 64.000 | figure | S2 | 62.270 | ** | 25 Sep low | ||
| R2 | 63.570 | projection | S3 | 61.950 | ** | Jun high | ||
| R1 | 63.000 | ** | 8 Oct YTD high | S4 | 61.750 | * | May high |
Asterisk denotes strength of level
04:45 GMT - Edged to fresh all-time high at the 63.000 level last week before settling back in consolidation to unwind overbought daily studies. However, bullish gains from the August low keep pressure on the upside and further gains cannot be ruled out. Higher will see room to extend the underlying bull trend to the 63.500/63.5700 projection targets. Meanwhile, support remains at the 62.500 congestion and 62.270, 25 September low. Would take break here to fade the upside pressure and open up room for deeper pullback to retrace gains from the 60.600 August low towards strong support at the 61.950/61.750, June and May highs.