24-hour view: We expected USD to edge lower yesterday. However, we were of the view that it is unlikely to break clearly below 7.2680. Our view turned out to be correct, as USD dropped to 7.2678 and then rebounded. USD appears to have moved into a consolidation phase. Today, USD is likely to trade in a range, probably between 7.2700 and 7.3000. 

Next 1-3 weeks: Our update from yesterday (24 Aug, spot at 7.2840) is still valid. As highlighted, the recent buildup in upward momentum has eased, and USD is more likely to trade in a range of 7.2500/7.3300 for the time being.