Ella 
Analysts at UOB Group believe that USD/CNH may trade between 7.2920-7.3060. The exchange rate may rise above 7.3100, but it is too early to reach the next important resistance level of 7.3400.
Upside risk remains at 7.2800
24-hour view: “USD/CNH was trading thinly two days ago. Yesterday we highlighted that ‘momentum has picked up slightly despite the quietness.’ We expected a small rise but thought ‘any gains are unlikely to reach the important resistance level of 7.3000’. The rally exceeded our expectations as it not only broke through 7.3000 but also approached the next important resistance level of 7.3100 (high to 7.3080). The pullback from highs amid overbought conditions suggests that the pair is more likely to trade between 7.2920-7.3060 today rather than continue to rise.”
Next 1-3 weeks: “We turned bullish on USD/CNH early last week. Since last Friday (June 21) Since the current price of 7.2920), we pointed out that ‘the exchange rate may strengthen further, with resistance levels of 7.3000 and 7.3100 in focus.’ After a few days of quiet trading, the exchange rate took off yesterday and soared to 7.3080. The exchange rate still has room to rise further. Although it would not be surprising to break through 7.3100, it is still too early to judge whether the secondary rally can reach the next important resistance level of 7.3400. As long as 7.2800 is not broken (the previous ‘strong support’ level was 7.2700), the risk of rising remains. ”
