• Cash hedging of soon-to-expire FX options can help to draw and contain spot if nearby, there are big ones in EUR/USD

• The biggest strike for Tuesday's 10-am New York cut expiry is a 1.1550 strike on €3.2 billion

• Wednesday has €1-billion at 1.1550-60 and 1.1585-1.1600 on €2.2 billion expiring before the key Fed decision

• Thursdays biggest strike expiries are at 1.1500-10 on €4.2billion, 1.1550 on €1 billion and 1.1590-1.1600 on €4 billion

• Friday's largest are between 1.1500-15 on €4.8 billion and at 1.1600 on €1.6 billion

• If EUR/USD breaks 1.1500 - Thursday and Friday have €1billion each at 1.1450 and a combined €8 billion 1.1400 strikes

• Related comment - EUR/USD: What FX options say ahead of the Fed meeting
EUR/USD FX option strikes expiring September 15-18

(Richard Pace is a Reuters market analyst. The views expressed are his own)