Ella 
158
Our view yesterday that USD/CNH was headed lower was wrong. Far from moving lower, USD/CNH rose to a high of 7.3175. The rise lacks momentum. While USD/CNH still has room to rise today, it is unlikely to threaten the main resistance at 7.3400 (another resistance at 7.3280). On the downside, a move above 7.3000 (with minor support at 7.3080) would suggest that the current mild upward pressure has weakened.
Outlook for the next 1-3 weeks: We continue to hold the same view as last Thursday (September 21, when the price was 7.3150), that the recent downward pressure has weakened and USD/CNH is likely to trade between 7.2800 and 7.3400 Trading within the range.
