Ella 
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We pointed out yesterday that “price action still appears to be consolidating, with USD/CNH consolidating between 7.2750-7.3040.” Although the exchange rate trading range is narrower than expected (7.2807/7.3045), our view is not wrong. Price action offered no new clues. Today, we expect the pair to trade in a range of 7.2800/7.3040.
Next 1-3 weeks: Since last Thursday (August 24, spot price was 7.2840) we have emphasized: “The recent upward momentum has weakened and the exchange rate may temporarily trade in the 7.2500/7.3300 range.”
