USD/PHP To Be Range-bound With Neutral Bias
Asia-Pacific exchange net America 2010-01-22 08:59:47
USD/PHP to be range-bound with neutral bias; pair looking less bullish on charts; price action was put down to banks cutting long positions yesterday after taking pair higher. 'Banks were trying to play the China angle early. After (China''''s) economic data came out and suggested there was no need for policy tightening, we saw banks selling the dollar,' says local bank trader; USD/PHP, however, may claw back up to 46 as EUR loses some ground; next trading range 45.90-46.20. Dow Jones technical analysis shows immediate USD/PHP resistance at 46.34 (Jan 20 high), then 46.60 (Dec 29 high). Support at 45.725 (Jan 20 low), then 45.60