Ella 
178
Yesterday, we expected the USD/CNH trading range to be 7.1660/7.2020. USD/CNH then traded between 7.1860 and 7.2056. Upward momentum has improved slightly, and USD/CNH still has room to move higher today. Given the mild upward pressure, any advance is unlikely to threaten the main resistance at 7.2450 (another resistance is at 7.2200). Initial support is at 7.1910, followed by 7.1805.
Next 1-3 weeks outlook: In our latest report last Wednesday (August 2, when the price was 7.1800), USD/CNH is likely to trade in the 7.1300/7.2450 range for the time being. We still hold the same view for now.
