USD/COP may rise 2064 - 3094 pips

Our pivot point stands at 3853.40.

Our preference

As long as 3853.40 is support look for 3897.90.

Alternative scenario

The downside breakout of 3853.40 would call for 3836.10 and 3825.80.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (3867.60) but above its 50 period moving average (3854).

Supports and resistances

3918.50 **

3908.20 *

3897.90 **

3887.60

3866.96 last

3860.20

3853.40 **

3836.10 *

3825.80 **

Number of asterisks represents the strength of support and resistance levels.