The support is identified as the 161.8pc projection level of a downward wave (c) from $1.1065. It is strengthened by another one at $0.9355, the 86.4pc retracement of the uptrend from $0.9005 to $1.1565.

The bullish divergence on the hourly MACD suggests an exhaustion of the downtrend. A decent bounce is due. A break below $0.9355 may open the way towards $0.9005.

Note: Coffee report is published twice a week - Tuesday and Thursday.

Charts are not available in reports received in email box through "Alert". To get charts, use the news code of to retrieve the original reports.

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.