Chart USD/PHP Updates: Firm above 61.500 support
Edged up in consolidation from above support at the 61.500 congestion to retest resistance at 61.750, May high
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 62.400 | projection | S1 | 61.500 | * | congestion | ||
| R3 | 62.000 | * | figure | S2 | 61.200 | * | congestion | |
| R2 | 61.950 | ** | 19 Aug all-time high | S3 | 61.000 | ** | 7 Aug high | |
| R1 | 61.750 | * | May high | S4 | 60.800 | * | Mar high |
Asterisk denotes strength of level
04:00 GMT - Edged up in consolidation from above support at the 61.500 congestion to retest resistance at 61.750, May high. Regaining this will see scope for retest of the 61.950 all-time high. Would expect reaction here, but the ascending triangle from the 60.170 June low suggest potential for break to extend the underlying bull trend from the 57.470 February year low to target the 62.000 figure. Higher still, will see room to 62.400 projection target. Meanwhile, support is raised to the 61.500 level. Would take break here to ease the upside pressure and see room for consolidation towards support at the 61.200/61.000 area.