USD/COP may rise 2458 - 3688 pips

Our pivot point is at 4039.70.

Our preference

Rebound towards 4092.80.

Alternative scenario

Below 4039.70, expect 4019 and 4006.70.

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 negative and above its signal line. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4065.40 and 4104.50).

Supports and resistances

4117.40 **

4105.10 *

4092.80 **

4080.50

4055.92 last

4047.80

4039.70 **

4019.00 *

4006.70 **

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