Philippine peso dollar exchange rate comment September 6, 2010

Philippine peso dollar exchange rate comment September 6, 2010
USD/PHP has negative bias on broad USD/Asia selling after Friday''''s 4-month low of 44.39 in heavy trade. 'Some banks have cut USD positions on expectations of stronger PHP,' says trader at local bank; tips USD/PHP fall toward 44.00 in weeks ahead. Dow Jones technical analysis shows immediate support at 44.39 (Friday''''s low), then 43.99 (April trough). Initial resistance at 45.55 (Aug 24 peak), then 46.00 (July 29 peak).