Chart USD/PHP Updates: Room for deeper pullback from 59.360 record high
Consolidating test of support at the 58.500 congestion as prices unwind stretched intraday and daily studies
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 59.500 | figure | S1 | 58.500 | ** | congestion | ||
| R3 | 59.360 | ** | 9 Dec record high | S2 | 58.360 | * | 1 Dec low | |
| R2 | 59.200 | * | Sep 2022 year high | S3 | 58.000 | * | congestion | |
| R1 | 59.000 | * | congestion | S4 | 57.850 | * | Oct low |
Asterisk denotes strength of level
06:20 GMT - Consolidating test of support at the 58.500 congestion as prices unwind stretched intraday and daily studies. Pressure remains on the downside and suggest scope for break here to extend losses from the 59.360, 9 December record high. Weekly studies have turned negative as well and highlight risk for break here and the 58.360 support to trigger a top pattern at the November/December highs and open up room for deeper pullback to retrace gains from the 55.140, May current year low. Meanwhile, resistance at the 59.000 congestion is expected to cap and sustain losses from the 59.360 record high.