USD/COP may fall 2460 - 3680 pips

4040.70 is our pivot point.

Our preference

Target 3987.70.

Alternative scenario

The upside breakout of 4040.70, would call for 4061.30 and 4073.60.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (4027.30) but above its 50 period moving average (4018.70).

Supports and resistances

4073.60 **

4061.30 *

4040.70 **

4032.60

4024.50 last

3999.90

3987.70 **

3975.40 *

3963.10 **

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