USD/COP may rise 2513 - 3763 pips

Our pivot point stands at 4118.90.

Our preference

Rebound towards 4173.10.

Alternative scenario

Below 4118.90, expect 4097.80 and 4085.30.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (4135.40) but below its 50 period moving average (4136.90).

Supports and resistances

4198.20 **

4185.60 *

4173.10 **

4160.60

4135.47 last

4127.20

4118.90 **

4097.80 *

4085.30 **

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