USD/COP may rise to 4313.00 - 4403.30

Our pivot point stands at 4012.90.

Our preference

The upside prevails as long as 4012.90 is support.

Alternative scenario

Below 4012.90, expect 3861.20 and 3770.90.

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 above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 3946.50 and 3906.70).

Supports and resistances

4583.80 **

4493.60 *

4403.30 **

4313.00

4132.10 last

4072.50

4012.90 **

3861.20 *

3770.90 **

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