Santa to Send the Philippine Peso Back to P42.00 Vs. the US Dollar?

usdphp, philippine peso, philippines, us dollar, forex picks, forex analysis, forex insights, forex analysis, forex forecast, forex market, fx picks, fx analysis, fx insights, currency picks, currency analysis, currency insights, foreign exchange picks, foreign exchange analysis, foreign exchange insights, daily forex picks, daily forex analysis, daily forex insights, daily fx picks, daily fx analysis, daily fx insights, daily currency picks, daily currency analysis, daily currency insights, daily foreign exchange picks, daily foreign exchange analysis, daily foreign exchange insights

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...]