26 May 2015
USD/COP could hit 2700 if it clears 2567 – BBH
FXStreet (Edinburgh) - The research team at BBH sees scope for the pair to climb towards 2700 once the key level at 2567 is cleared.
Key Quotes
“USD/COP has retraced over half of the March-May drop”.
“Last major retracement level for that move comes in near 2567 (62%)”.
“Break above 2567 would put it on track to test the March 17 high near 2700”.
“Using a longer time frame, break of the 62% retracement objective from the 2003-2008 drop near 2467 already points to a test of the January 2003 high near 2980”.
Key Quotes
“USD/COP has retraced over half of the March-May drop”.
“Last major retracement level for that move comes in near 2567 (62%)”.
“Break above 2567 would put it on track to test the March 17 high near 2700”.
“Using a longer time frame, break of the 62% retracement objective from the 2003-2008 drop near 2467 already points to a test of the January 2003 high near 2980”.