The US Dollar/Philippine Peso currency pair (also referred to as USDPHP and USD/PHP) is a pair that is not frequently traded. However, there has been a significant move recently. In this article, we will examine how USDPHP is performing.
USDPHP Key Stats
- 2021 high: 51.32
- 2021 low: 47.55
- YTD high: 53.46
- YTD low: 50.90
- YTD % change: +4.41%
USDPHP Forecast
Given the current unrelenting trend and the macroeconomic conditions globally, we expect the USDPHP to continue higher. It is currently approaching a key level at 53.70, but we expect an eventual break of that area with a target at the 2018 high of 54.40. Based on a longer-term analysis, we do see the pair running to 2004/2005 highs of around 56.43. Any pullback we feel will be short-lived, but we view 52.80 as a potential near-term entry point.
USDPHP Fundamental Analysis
Directional bias does, as it says, give us a direction in which we want to trade the currency pair we are analysing. A way in which we can ascertain a directional bias is by using fundamental analysis. The global economy has, over the last few years, faced some significant challenges. As well as geopolitical factors, it’s important to look out for macroeconomic factors such as consumer spending, interest rates, and much more.
When it comes to the Philippines, the country’s economy will be significantly affected by the constant Covid-related lockdowns in China. While it has so far fared better than other countries in the region, there is still an impact. Regarding inflation, the country raised rates last month and is likely to hike a further two times in order to curb inflation, potentially taking the benchmark to 2.75%.
The US dollar is currently benefitting from the worrying global economic and geopolitical environment. Inflation, the Ukraine-Russia conflict, supply chain challenges resulting from Covid-19, and more have seen markets drop, causing investors to be more cautious. With the U.S. dollar being a safe haven, it has strengthened as investors move their money to safer assets.
USDPHP Technical Analysis
Support Level(s):
- 52.80
- 52.15
- 51.00
- 50.50
Resistance Level(s):
- 53.70
- 54.40
- 55.30
- 56.43
There’s absolutely no doubt, that the pair is in a strong uptrend and is currently sitting nicely, just above the trendline. The macroeconomic environment has seen the pair break several resistance levels, and the next level we are watching out for is not too far off its current price at 53.70. Beyond that, we have our eyes on 54.40, which is a previous swing high on the weekly chart, then 55.30, and our long-term target of 56.43.
On the downside, while we do not expect a significant fall, the support levels may provide points for a bounce. We are focusing on 52.80 as a near-term support, with 52.15, 51.00, and 50.50 other support levels to watch out for.
Trade USDPHP with our top brokers
| Broker | Features | Regulator | Platforms | Next Step | |
|---|---|---|---|---|---|
 73% of retail CFD accounts lose money
Founded: 201473% of retail C... |
|
FSA SC | MT4, MT5 | ||
 Your capital is at risk
Founded: 2014 |
|
FSPR | MT4 | ||
 Your capital is at risk
Founded: 2006Europe* CFDs ar... |
|
ASIC, FSA, FSB, MiFID | MetaTrader4, Sirix, AvaOptions, AvaTrader, Mirror Trader | ||
 Between 74-89% of CFD traders lose
Founded: 2010Between 74-89 % of retail investor accounts lose money when trading CFDs |
|
ASIC, FCA | MetaTrader 4, MetaTrader 5, cTrader | ||
 77% of CFD traders lose
Founded: 200777 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. |
|
ASIC, CySEC, FCA | eToro Platform | ||
 Your capital is at risk
Founded: 2009, 2015, 2017 |
|
ASIC, CySEC, IFSC | MT4 Terminal, MT4 for Mac, Web Trader, iPhone/iPad Trader, Droid Trader, Mobile Trader, MT5 | ||
 Your capital is at risk
Founded: 2006 |
|
CySEC, DFSA, FCA, FSB, SIA | MetaTrader4, MetaTrader5, cTrader, FxPro Edge (Beta) | ||
Forextraders' Broker of the Month
BlackBull Markets is a reliable and well-respected trading platform that provides its customers with high-quality access to a wide range of asset groups. The broker is headquartered in New Zealand which explains why it has flown under the radar for a few years but it is a great broker that is now building a global following. The BlackBull Markets site is intuitive and easy to use, making it an ideal choice for beginners.