These resistances are identified as the 50pc and the 61.8pc retracements of the downtrend from $1.1285 to $0.8760. The current rise has been also controlled by another set of retracements of a bigger downtrend from $1.3405 to $0.8760.
Coffee has broken $0.9855, the 23.6pc level.
It may climb to $1.0535. However, before reaching this target, it has to break the resistance at $1.0025. Strategically, a rise to $1.0080 could confirm a break.
A break below $0.9855, now a support, could cause a loss limited to $0.9725.
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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.