SINGAPORE: New York September coffee may fall towards a narrow range of $1.7315-$1.7390 per lb, as suggested by its wave pattern and a ratio analysis.

The contract is riding on a wave c, which is expected to travel into a range of $1.63-$1.7390 formed by its 100% and 61.8% projection levels.

In addition to this set of projection levels, the fluctuation is controlled by a set of retracements on the rise from $1.4455 to $2.0175.

Vietnam coffee trading subdued, prices rising on tight supply

The retracement analysis marks a target of $1.6640. Resistance is at $1.8480, a break above which could led to a gain to $1.9155.