USD index fell short from the black uptrend line, we have an alternative pink uptrend line for USD to hold into.
Long term, USD index is in a contracting triangle, and the short term weakness makes PHP, KRW, CNY and other foreign currency stronger, it even made EUR reach 1.37xx, its 52week high.
We see USD index have limited downside(assuming tapering is light), 50% uptrend, 50% downtrend. For now, we can see it do a sideways pattern with a more biased to DOWN.
PHP may hit around 44-44.40 if USD index continuous to weaken, and the much anticipated rally of the PHP due to OFW inflows could be less felt this year.
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