USD/COP may rise 2058 - 3088 pips

3922.90 is our pivot point.

Our preference

As long as 3922.90 is support look for 3967.40.

Alternative scenario

The downside breakout of 3922.90 would call for 3905.70 and 3895.40.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (3936.80) but above its 50 period moving average (3932.60).

Supports and resistances

3988.00 **

3977.70 *

3967.40 **

3957.10

3936.52 last

3929.70

3922.90 **

3905.70 *

3895.40 **

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