Ella 
167
We expect USD/CNH to trade lower to 7.1500 on Friday. Our expectations did not materialize and USD/CNH rebounded after falling to 7.1550. The current price action could be part of a consolidation. Today, we expect USD/CNH to trade in a range of 7.1660/7.2020.
In our latest report last Wednesday (August 2, when the price was at 7.1800), USD/CNH was likely to trade in the 7.1300/7.2450 range for the time being. We still hold the same view for now.
