Fx peso analysis 28 June 2011
FXFXFX.com 2011-06-28 12:43:17 AM GMT +0800

Forex peso analysis 28 June 2011

USD/PHP trade with bias to further upside due to fear of contagion in the event of a Greece default. 'Despite an upgrade by Fitch last week, markets remain sentiment-driven dependent on Greece,' says a dealer in Manila. He favors selling USD strength due to the peso''''s strong fundamentals. The 1-month USD/PHP NDF traded at 43.72-43.80 and closed at 43.75 in New York overnight. Dow Jones technical analysis shows immediate resistance is at 43.75 (June 20 high), then 44.00 (psychological). Support at 43.33 (21-day moving average), before 43.20 (55-day moving average).