- US Dollar firmer ahead of FOMC, which is not supportive for commodities and hence commodity currencies.
- The Fed is expected to keep its rates unchanged at today’s meeting, while a more constructive tone is seen from the statement.
- The pair is down 0.21% on the day, finds strong support at 0.9255 levels.
- Break below could accentuate weakness, test of 0.9145 levels then likely.
- 7-DMA at 0.9298 is immediate resistance on the upside, break above will see further gains to 0.9340 levels.
- Techs on 4H charts support downside, RSI and Stochs biased lower.
Recommendation: Good to sell rallies breakout below 0.9255, SL: 0.93, TP: 0.92/ 0.9150
