USD/COP may rise 2669 - 4009 pips

4192.20 is our pivot point.

Our preference

As long as 4192.20 is support look for 4249.90.

Alternative scenario

The downside breakout of 4192.20 would call for 4169.70 and 4156.40.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 4208.40 and 4203.10). Finally, the USD/COP is trading above its upper Bollinger band (standing at 4209.37).

Supports and resistances

4276.60 **

4263.30 *

4249.90 **

4236.50

4209.81 last

4201.00

4192.20 **

4169.70 *

4156.40 **

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