Global macro overview for 23/11/2018

The Chinese Deputy Minister of Trade said that the country is looking for a way to find a common language with the United States. He noted that the desire to engage in talks also exists on the US side. He hopes that meeting Xi and Trump during the G20 gathering will go smoothly next weekend. He counts on achieving a mutually satisfactory compromise.

The vice-president of the People's Bank of China hopes for a better use of monetary, fiscal and structural policies by the G20 countries. He also believes that developed economies should take into account the reduction of risks associated with the heterogeneous flow of capital.

One of the assistance of the Chinese Ministry of Foreign Affairs is of the opinion that the global economy is under downward pressure. He hopes that the G20 countries will maintain their position against trade protectionism. He added, however, that the Group can not substitute for the activities of the World Trade Organization. China counts that G20 countries will remain the driving force behind global economic growth.

Let's now take a look at the USD/CNY technical picture at the daily time frame. The price is still trading inside of the uprising channel which indicates the bulls are still in control over the market. The nearest technical support is seen at the level of 6.92 and the nearest resistance is seen at the level of 6.94. The key technical resistance is seen at the level of 6.96 and at the recent swing high at 6.98.

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