Current Price: ₱41.337
Recent High: ₱43.092
Recent Low: ₱39.631
Timeframe: Daily chart
The
CADPHP currency pair is currently exhibiting signs of bullish momentum, trading around the ₱41.337 level, which aligns closely with the 50% Fibonacci retracement zone—a key area of consolidation. Technical indicators suggest a potential breakout, as the price is testing descending trend lines and approaching the 61.8% retracement level at ₱41.770. The RSI reading of 63.23 supports this upward bias, indicating strength without being overbought. However, mixed candles reveal some market indecision, implying that traders should remain cautious. A sustained move above ₱41.770 could open the path toward ₱42.366 and ₱43.124, while failure to break resistance may trigger a pullback toward ₱40.934 or lower. Overall, the pair is at a critical juncture, and the next few sessions could determine whether a bullish reversal is confirmed or if the downtrend resumes.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.