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US Fed to hold a discount rate meeting today. There is speculation that US Fed might hike discount rates by 75 bpbs.
- Discount rate is nothing but minimum interest rate set by US Fed for lending to other banks.The number of federal reserve banks pushing the central bank to raise the rate it charge commercial banks for emergency loans rose to eight in September from five in July.
- US dollar has broken the previous low of 1.06155 and declined till 1.06005 as Fed is set to hike the discount rate in meeting to be held today.
- On the higher side major support is around 1.0720 and break above targets 1.0770/1.0800. Overall bearish invalidation only above 1.08300. The pair's minor resistance is around 1.06800/1.07200.
- The pair's major support is around 1.0600 and break below targets 1.0525/1.0500 in short term.
It is good to sell on rallies around 1.0635-1.0640 with SL around 1.0680 for the TP of 1.0550/1.0525/1.050
