USD/PHP Forecast Today - 26/09: USD Plunges Vs PHP (Chart)
Date
9/26/2024 2:51:22 PM
(MENAFN- Daily Forex)
The USD/PHP currency pair as one that I'm watching closely, because we have seen the US dollar plunged against the Philippine peso for some time now, but the Wednesday session seem to be more of the same downward sudden pressure. I'm not exactly sure whether or not we can break down below the 55.25 level underneath, but it is certainly a level that I am worth watching. After all, we had bounced a bit, only to turn around and break down again. All things being equal, I think this is a market that's going to try to continue the overall downtrend, but I think it's likely that we are getting closer to the bottom than anything else.
Technical Analysis
The technical analysis for the USD/PHP currency pair obviously is very negative, but it is probably worth noting that the Moving Average Convergence Divergence indicator has shown itself to form a bit of divergence, suggesting that perhaps we are starting to see the end of the overall selling pressure. All things being equal, if we were to turn around a break above the 56.50 level, then we will have to test the 50 Day EMA at that point. Above there, then the market could go looking to the 57 PHP level, where the 200 Day EMA hangs about.
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On the other hand, if we were to break down below the 55.25 PHP level, then it could open up a bit of a trapdoor in this market, perhaps sending the US dollar much lower. In general, I think the market is closer to bottoming than anything else, but we are most certainly going to see a lot of support underneath that could keep the market somewhat afloat. In general, this is a market that I think continues to be noisy, and you will have to pay close attention to how the US dollar is behaving against almost everything else. While the Philippines has of course obviously seen very strong economic activity, the US is starting to slow down. However, if we enter some type of major“risk off behavior” in the overall markets, that will be the thing that turns this pair around for a much bigger move.
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