USD/COP may fall 2220 - 3330 pips

Our pivot point is at 4278.50.

Our preference

The downside prevails as long as 4278.50 is resistance.

Alternative scenario

The upside breakout of 4278.50, would call for 4297.20 and 4308.30.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4264.80 and 4264.30).

Supports and resistances

4308.30 **

4297.20 *

4278.50 **

4271.20

4263.90 last

4241.70

4230.60 **

4219.50 *

4208.40 **

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