The US Dollar has been on a crushing winning streak against the Philippine Peso. In fact,/PHP is on course to rise about 4.7% this month. That would be the best performance since 2009. This past week, the pair shot above the 2018 peak at 54.43, the highest close since November 2005. Momentum is showing no signs of stopping. Clearing the 138.2% Fibonacci extension at 54.929 exposes the 161.8% level at 55.571 on the way to the 2005 peak at 56.61.
The US Dollar continued its winning streak against the Indonesian Rupiah as well, with USD/IDR up 1.84% this month so far. That is the best performance since September 2020. However, the uptrend somewhat slowed last week as prices were unable to clear the 100% Fibonacci extension at 14870. Also, negative RSI divergence seems to be taking foot, hinting that momentum is weakening. The latter can at times be a preliminary reversal signal.
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