USD/COP may fall 2396 - 3586 pips

Our pivot point stands at 4270.10.

Our preference

Target 4218.50.

Alternative scenario

Above 4270.10, look for 4290.20 and 4302.20.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (4259) but above its 50 period moving average (4251.90).

Supports and resistances

4302.20 **

4290.20 *

4270.10 **

4262.30

4254.36 last

4230.40

4218.50 **

4206.50 *

4194.60 **

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