The support is identified as the 76.4 percent projection level of a downward wave C from $1.1285. The next support is at $0.8755, a break below which could cause a loss to $0.8355.
On the hourly chart, the bounce from $0.89 has almost been reversed. The reversal signals a continuation of the downtrend that developed from $0.9940.
Resistance is at $0.9050, a break above which could lead to a gain to $0.9145.
Note: Coffee report is published twice a week - Tuesday and Thursday.
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** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. **