Both technical and fundamental data support a bullish bias for the Philippine peso against the US dollar (bearish USDPHP). Let me show you how.  [Read more...]

Roughly a month ago, the Philippine Peso together with many other currencies were trading strongly against the US dollar. If you look at the dollar-to-peso chart (USD/PHP), the peso even reached a high of P41.991 versus the greenback last November 4 and I mentioned this possibility in my previous analysis (kindly check this). However, the P42.00 marker proved to be resilient, at least at that time, as the dollar rebounded off of it. At present, the Philippine Peso is trading back at around P43.70. Several technical factors, though, indicate that the dollar’s rally could be over and the peso could appreciate once more. As mentioned, the peso is exchanging at around the P43.70 level which used to be a former support. [Read more...]