Put Options Suggested – Coffee Drops On Strong US Dollar
Jun, 24th 12:43
A long and dry summer has caused coffee to rally due to worries over reduced production from major producers such as Brazil, Vietnam and India. In Indonesia, the No.3 coffee supplier behind Brazil, production is forecast to fall due to a late start to harvesting. However, a strengthening greenback on Friday keeps weighing on the market. The dollar index DXY bounced back to the reading of 96.70 from a low of 93.00 On the H1 chart. The market is on track to fall as low as 136.22, and expected to slip even further as RSI (14) sits near the oversold zone.
Buy Digital Put Option from 136.06 to 135.55 valid until 20:00 June 24, 2016