Ella 
175
24-hour view: We did not expect USD/CNH to rise to 7.1897 (we expect sideways). The upward momentum has picked up, albeit not by much. USD/CNH could rise to 7.2000 today. However, a sustained rise above this level is unlikely. Initial support is at 7.1670, followed by 7.1500.
Next 1-3 weeks: “If USD/CNH breaks 7.2000, it would suggest that 7.1000 is not going to happen this time around. Although our The “strong resistance” at 7.2000 has not been breached, but the downside momentum has more or less dissipated. The current price action is likely to be part of a consolidation phase. For now, USD/CNH is likely to trade between 7.1300/7.2450.
