USD/COP may rise 2022 - 3032 pips

Our pivot point is at 3850.90.

Our preference

As long as 3850.90 is support look for 3894.60.

Alternative scenario

Below 3850.90, expect 3834 and 3823.90.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 3863.80 and 3858.10).

Supports and resistances

3914.80 **

3904.70 *

3894.60 **

3884.50

3864.28 last

3857.60

3850.90 **

3834.00 *

3823.90 **

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