Ella 
178
Yesterday, we highlighted that USD/CNH could rise above 7.2180. We added, “Major resistance at 7.2500 is unlikely. The pullback and slowing momentum in overbought conditions suggest that USD/CNH will not rise further. Today, we expect USD/CNH to trade in a likely range Between 7.2000 and 7.2350.
Outlook for the next 1-3 weeks: There is not much to add to our update from yesterday (July 19th when the price was 7.1950). As we have highlighted, USD/CNH is unlikely to weaken further after falling sharply over the past week. Currently, USD/CNH is likely to trade within the 7.1500 and 7.2500 range.
