SINGAPORE: New York July coffee may retest a resistance at $0.9420 per lb, a break above which could lead to a gain to $0.9545.

The resistance is identified as the 50 percent retracement of the downtrend from $0.9940 to $0.89. Coffee failed twice to break this resistance. It is likely to overcome this barrier in its third attempt.

Wave pattern suggests the progress of a wave C, the third wave of a three-wave cycle from $0.89. This wave may travel into a range of $0.9420-$0.9545.

Support is at $0.9145, a break below which could cause a loss to 0.9050.