Ella 
We did not expect USD/CNH to fall to the low of 7.2848 yesterday (we expected the pair to trade sideways). The downward trend has been quite strong. Today, the pair is likely to move lower with a possible break above 7.2700 (another support lies at 7.2800). To maintain momentum, the pair must stay below 7.3060 (minor resistance is at 7.2980).
Next 1-3 weeks: Yesterday (September 9, spot price 7.3120), we highlighted that USD/CNH is likely to trade range-bound between 7.2950 and 7.3400. We do not expect the price to drop as low as 7.2848. The downside momentum is improving and a move below the next support level at 7.2700 is possible. A clear break below this level could trigger a rapid decline towards 7.2400. From an upside perspective, a break above 7.3200 would mean the upside momentum has run out.
