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New UK Foreign Minister Jeremy Hunt met with China's Foreign Minister Wang Yi in Beijing today. After the meeting, Hunt said China made an offer to "to open discussions about a possible free trade deal done between Britain and China post Brexit". And he added that "that's something that we welcome and we said that we will explore." Wang didn't mention the free trade talks directly. But he said both countries had "agreed to proactively join up each others' development strategies, and expand the scale of trade and mutual investment".

Separately, Wang said that "the responsibility for the trade imbalance between China and the United States lies not with China." And he cited the global role of the US Dollar, low saving rates, high level of consumption and US restrictions on high tech exports as some of the reasons for the imbalances. He also reiterated the stance that "China does not want to fight a trade war, but in the face of this aggressive attitude from the United States and violation of rights, we cannot but and must take countermeasures."

Pivot (invalidation): 1.3050

Our preference Long positions above 1.3050 with targets at 1.3095 & 1.3130 in extension.

Alternative scenario Below 1.3050 look for further downside with 1.3020 & 1.3000 as targets.

Comment The RSI is bullish and calls for further advance.

Pivot (invalidation): 0.9930

Our preference Long positions above 0.9930 with targets at 0.9965 & 0.9980 in extension.

Alternative scenario Below 0.9930 look for further downside with 0.9915 & 0.9900 as targets.

Comment The RSI calls for a rebound.

Pivot (invalidation): 110.85

Our preference Long positions above 110.85 with targets at 111.25 & 111.50 in extension.

Alternative scenario Below 110.85 look for further downside with 110.60 & 110.35 as targets.

Comment The RSI calls for a new upleg.

Pivot (invalidation): 1.3080

Our preference Long positions above 1.3080 with targets at 1.3115 & 1.3130 in extension.

Alternative scenario Below 1.3080 look for further downside with 1.3060 & 1.3035 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Pivot (invalidation): 1.1635

Our preference Long positions above 1.1635 with targets at 1.1670 & 1.1695 in extension.

Alternative scenario Below 1.1635 look for further downside with 1.1620 & 1.1600 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Pivot (invalidation): 69.25

Our preference Short positions below 69.25 with targets at 68.70 & 68.25 in extension.

Alternative scenario Above 69.25 look for further upside with 69.70 & 69.90 as targets.

Comment The RSI is capped by a bearish trend line.

Pivot (invalidation): 15.5100

Our preference Short positions below 15.5100 with targets at 15.3400 & 15.3000 in extension.

Alternative scenario Above 15.5100 look for further upside with 15.5800 & 15.6700 as targets.

Comment The RSI is bearish and calls for further decline.

Pivot (invalidation): 1224.00

Our preference Short positions below 1224.00 with targets at 1218.00 & 1215.50 in extension.

Alternative scenario Above 1224.00 look for further upside with 1227.50 & 1230.50 as targets.

Comment The RSI advocates for further downside.

Pivot (invalidation): 1.1580

Our preference Long positions above 1.1580 with targets at 1.1605 & 1.1620 in extension.

Alternative scenario Below 1.1580 look for further downside with 1.1565 & 1.1550 as targets.

Comment The RSI advocates for further upside.