Ella 
180
On Friday, USD/CNH briefly fell to 7.2828 before recovering and closing flat (7.3068, +0.09%). This appears to be consolidating. Today we expect the exchange rate to trade in the range of 7.2920-7.3300.
Next 1-3 weeks: Last Thursday (August 17), the exchange rate soared to 7.3490 and then fell back. An overbought pullback suggests that the pair may consolidate for a few days. Overall, as long as 7.2500 (‘strong support’ level) is not breached, there is room for the pair to break above 7.3490 later on. The pair may not hit the important long-term resistance at 7.3745 (last year’s peak) due to being overbought.
