Where its been & Where its heading?The worst performing value for the PHP was recorded on April 18-19, 2004 Asian Session. And marked a high @57.50/72 which later pulled back to close 55.75. And marked as the worst devaluation of the PHP against the USD. Which began drifting thereafter.
The pivotal price point recovery started @40.15 dated Jan 20, 2008. With a 2nd higher low 42.45 in Nov. 08, 2010. And repeated in March 11, 2013; which started the full run of the #USDPHP recovery. And as of today, Oct 27, 2016 is @48.55 in the Asian trading session.
When such chart and price patterns are defined there is a higher probability that a the consolidated period which broke out of its trend line resistance from its highest price level @57.50/72 can re-test another run towards the 52.38 rate level after breaching its average price of 47.25. The recent week's low @47.92 shows the resiliency of the USD strength and PHP weakness. As prices have to continued back above the 48.50 levels.
Related Info on USD Strength by Mohamed El-Erian