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Yesterday, we expected the exchange rate to trade between 7.2600 and 7.2900. However, the dollar rose to highs of 7.2988. Despite the gains, the upward momentum has not improved much. Today, we expect the pair to likely trade in a range between 7.2800 and 7.3050.
Next 1-3 weeks: Our update from yesterday (September 18, spot price 7.2760) still stands. As we have highlighted, while further weakness in the pair is likely, major support at 7.2390 is now likely to emerge soon. Overall, only a move above 7.3150 (the same “strong resistance” level as before) would signal that the downward pressure that began early last week has abated.
