Philippines Peso Rally Stalls at Technical Barrier

        0150 GMT [Dow Jones] USD/PHP has slipped to the lower end of its consolidation range of 44.40-44.60 indicating a stronger peso against the U.S. dollar. The technical floor at 44.40 will however likely deter further peso strength for now. Intraday technical signals remain weak while USD/PHP bobs inside the dead space between the daily Bollinger downtrend channel and the 20-day Bollinger mid resistance. Unless USD/PHP ends the day below 44.40 consolidation appears likely. Traders will wait for Wednesday's testimony by U.S. Federal Reserve chief Janet Yellen to Congress on the state of the U.S. economy. A bullish outlook may lift sentiment for the U.S. dollar. USD/PHP is now 44.45 versus its Friday close of 44.50. (ewen.chew@wsj.com)
        (END) Dow Jones Newswires

        May 04, 2014 21:50 ET (01:50 GMT)