The Federal Reserve raised the range for the fed funds target rate by another 25bp to 1.75%-2.00%. The interest paid on excess reserves was lifted by only 20bp in order to bring the effective fed funds rate back to the middle of the target range.
The updated Summary of Economic Projections contained some minor upgrades to the growth and inflation outlook. The main change was arguably the upward move of the 2018 dot. The majority of the FOMC now expects a total of four rate hikes this year (up from three), which is in line with our baseline forecast.
This is how MyFXspot.com trades now:
EUR/USDTrading strategy: Long
Open: 1.1785
Target: 1.2015
Stop-loss: 1.1680
Recommended size: 1.90 mini lots per $10,000 in your account
Short analysis: The EUR/USD bulls have suffered a setback, as bears managed to register a daily close below the 1.1762 Fibo on Tuesday, 23.6% retrace of the 1.1511 to 1.1840 rise. But the downward move was not continued yesterday and today the pair broke above Tuesday’s 1.1809, which brightens bullish prospects.
GBP/USD
Trading strategy: Long
Open: 1.3410
Target: 1.3675
Stop-loss: 1.3280
Recommended size: 1.15 mini lots per $10,000 in your account
Short analysis: Long lower wick on yesterday’s candle looks encouraging. Our long is back in black now.
USD/JPY
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Yesterday's topside rejection ahead of 111 and the May 23 breakdown session high may concern USD/JPY bulls. We stand aside.
USD/CAD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The USD/CAD continues to find resistance near 1.3050. Global/NAFTA trade tensions are still the main risk factors here. We think no position is justified here from risk/reward perspective.
AUD/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Wednesday's volatility stopped our long position at the entry level, but long lower wick is a bullish signal. If the pair closes above 14-day exponential moving average, we will get long again.
EUR/GBP
Trading strategy: Long
Open: 0.8810
Target: 0.8930
Stop-loss: 0.8750
Recommended size: 1.87 mini lots per $10,000 in your account
Short analysis: Price struggling once again to maintain traction above the daily cloud. A falling 200-day MA line, 0.8831, and a June 27 0.8753 cloud twist are frustrating long plays. But after volatile week, the momentum is turning bullish. 
Trading ideas by MyFXspot.com