October 20, 2026
Spot Rates
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EUR/USD: 1.1231
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USD/JPY: 158.23
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GBP/USD: 1.3328
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USD/CHF: 0.8248
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USD/CAD: 1.4082
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AUD/USD: 0.6983
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NZD/USD: 0.5673
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EUR/GBP: 0.8422
Today — October 20
EUR/USD
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1.1250: €790 million
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1.1265: €4.1 billion — largest
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1.1275: €573 million
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1.1300: €521 million
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1.1350: €791 million
Spot is 1.1231.
Today’s largest option is €4.1 billion at 1.1265, around 34 pips above spot. It is the key level today in terms of both size and proximity.
The nearest strike, 1.1250, is around 19 pips above spot. If the pair rebounds, first watch its approach to 1.1250, then to 1.1265. A combined €5.463 billion is concentrated between 1.1250 and 1.1275.
If EUR/USD rises toward 1.1265, watch whether price action settles as the New York cut approaches. The presence of options alone does not imply a rise; confirm whether the rebound is sustained.
USD/JPY
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157.00: $533 million
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158.00: $692 million
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159.00: $1.1 billion — largest
Spot is 158.23.
The nearest strike is 158.00, around 23 pips below spot, making it the main short-term reference today. If the pair declines toward it, watch for a return to or consolidation around 158.
The largest option, at 159.00, is around 77 pips above spot. For now, 158.00 is the nearer level to monitor. If the pair rises further, 159.00 is the next listed strike.
The 157.00 strike is around 123 pips below spot, so its direct influence on price near current levels is limited.
USD/CHF
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0.8325: $809 million
Spot is 0.8248.
The strike is around 77 pips above spot. Its influence on price near current levels is limited; it becomes relevant if the dollar strengthens enough for the pair to approach it.
USD/CAD
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1.4200: $707 million
Spot is 1.4082.
The strike is around 118 pips above spot. Its direct influence today is limited; treat it as a reference level if the pair rises substantially.
EUR/GBP
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0.8600: €963 million
Spot is 0.8422.
The strike is around 178 pips above spot, so its influence on price near current levels is limited.
No notable options are listed today for GBP/USD, AUD/USD, or NZD/USD.
Next Business Day — October 21
EUR/USD
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1.1195: €2.1 billion — largest
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1.1200: €2.0 billion
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1.1225: €714 million
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1.1260: €576 million
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1.1270: €1.4 billion
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1.1325: €663 million
Using the current spot rate, 1.1225 is around 6 pips below and is the nearest level, making it the first potential focal point tomorrow.
A combined €4.1 billion is concentrated at 1.1195–1.1200, around 31–36 pips below spot. This is an important zone if the pair declines toward it.
To the upside, 1.1260 is around 29 pips above and 1.1270 around 39 pips above. Options for the following day are also located near today’s large 1.1265 strike, so watch the 1.1260–1.1270 area if the pair rebounds.
USD/JPY
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156.50: $1.3 billion — largest
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158.00: $1.2 billion
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159.50: $746 million
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160.25: $1.2 billion
There is a $1.2 billion option at 158.00, around 23 pips below spot. The 158 level remains important tomorrow as well.
The 159.50 strike is around 127 pips above spot. First, watch whether price action settles around 158.00 or moves away from it with a clear direction.
The largest strike, 156.50, is around 173 pips below spot, limiting its immediate influence on price near current levels.
GBP/USD
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1.3210: £872 million
The strike is around 118 pips below spot. It may be relevant if the pair declines substantially.
AUD/USD
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0.6950: A$590 million
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0.6955: A$544 million
Spot is 0.6983.
The strikes are around 28 and 33 pips below spot, respectively. A combined A$1.134 billion is concentrated nearby, making this a notable zone if AUD/USD falls tomorrow.
Watch whether the pair finds support as it approaches, or breaks below and remains there.
EUR/GBP
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0.8440: €712 million
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0.8520: €1.3 billion — largest
Spot is 0.8422.
The nearest strike, 0.8440, is around 18 pips above spot and is the first level to watch tomorrow. The largest strike, 0.8520, is around 98 pips above, so focus first on the approach to 0.8440 and the reaction there.
Overall Picture
The key level today is EUR/USD 1.1265. A large €4.1 billion option is around 34 pips above spot, making it especially relevant if the pair rebounds.
USD/JPY has $692 million at 158.00 today and $1.2 billion at the same level tomorrow, keeping 158 in focus across both sessions.
For tomorrow, EUR/USD 1.1225 is close to spot, while a combined €4.1 billion is concentrated at 1.1195–1.1200 below it.
AUD/USD 0.6950–0.6955 and EUR/GBP 0.8440 are also nearby levels to watch tomorrow.
Trading Considerations
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EUR/USD: On a rebound, watch the reaction at 1.1250 and then 1.1265. If the pair falls tomorrow, use 1.1225 and then 1.1195–1.1200 as reference levels.
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USD/JPY: Focus on the approach to 158.00 and whether the pair can hold there. If it breaks below and fails to recover, follow the price action rather than assuming it will return to the option level.
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AUD/USD: Tomorrow, watch whether price action settles as the pair approaches 0.6950–0.6955.
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EUR/GBP: 0.8440 is the first reference level on a rebound. Watch whether the pair can break above and hold there or is pushed back down.
