SINGAPORE: New York May coffee may test a support at $1.6990 per lb, with a good chance of breaking below this level and falling to $1.6570.

A wave c is driving the contract towards its 100% projection level of $1.6570, which falls within a range of $1.6255-$1.6860, formed by the 61.8% and the 50% retracements on the uptrend from $1.43 to $1.9415.

Asia coffee: slow business in Vietnam; Indonesia prices rise

Immediate resistance is at $1.7460, a break above which could lead to a gain into $1.7665-$1.7925 range.