The USD/COP sharply rose on Tuesday, mainly driven by a cautious market mood ahead of the Federal Reserve (Fed) and the Colombian central bank decisions on Wednesday and Thursday.
USD/COP is up by more than 1.50%, towards 4122.5. On Wednesday, the Fed announces its monetary policy decision, on Thursday, it’ll be the Colombian Bank’s turn. A negative market environment seems to be favouring the USD. On the US side, markets have already discounted a pause, but investors are looking for further clues on the Fed’s plan for the December meeting to take on their next positions.
USD/COP Levels to watch According to the daily chart, the technical outlook for the USD/COP remains neutral to bearish, as despite the bulls gaining ground, the bears are in command. The Relative Strength Index shows an upward trend below its midline, suggesting a potential resurgence of bullish strength, while the Moving Average Convergence prints neutral red bars.
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