Spot Rates
EUR/USD: 1.1183
USD/JPY: 157.77
GBP/USD: 1.3399
USD/CHF: 0.8230
USD/CAD: 1.3978
AUD/USD: 0.7020
NZD/USD: 0.5616
EUR/GBP: 0.8344
Today — November 2
EUR/USD
1.1150 — EUR 3.2 billion — largest
1.1175 — EUR 978 million
1.1200 — EUR 901 million
1.1250 — EUR 654 million
The current spot rate is 1.1183.
The nearest level is 1.1175, about 8 pips below spot. The next is 1.1200, about 17 pips above. The first point to watch is how price reacts as it approaches either of these levels on either side of spot.
As the New York cut approaches, watch whether trading settles around 1.1175 or holds there and rebounds toward 1.1200.
The largest option is at 1.1150, about 33 pips below spot, with EUR 3.2 billion. It is an important level if the pair falls below 1.1175 and cannot recover. However, its size alone does not mean that the decline will stop there.
To the upside, if EUR/USD breaks above 1.1200 and holds, the next level to watch is 1.1250, about 67 pips higher. The two levels are 50 pips apart, so a break above 1.1200 alone does not justify assuming a move all the way to 1.1250.
USD/JPY
157.00 — USD 1.5 billion — largest
158.00 — USD 1.2 billion
The current spot rate is 157.77.
The nearest level is 158.00, about 23 pips above spot. With USD 1.2 billion in options, it is an important level if the pair rebounds toward it.
As the New York cut approaches, watch whether USD/JPY moves toward 158.00 and whether trading settles near that level. If it breaks above and holds, treat that as a move away from the option level to the upside.
The largest option, at 157.00, is about 77 pips below spot. Since it is some distance away, prioritize the reaction at 158.00 for now and monitor 157.00 if the pair falls.
There are large options at both 157.00 and 158.00, but that does not mean price will stay within this range.
GBP/USD
No notable options are listed for today.
USD/CHF
0.8300 — USD 952 million
The current spot rate is 0.8230.
The 0.8300 level is about 70 pips above spot. It is a level to monitor if a rebound brings the pair closer.
Focus on whether the rise stalls near the level or breaks above and holds, rather than assuming it will affect price near current levels. The presence of an option alone is not a reason to expect a move toward 0.8300.
USD/CAD
1.3975 — USD 550 million
The current spot rate is 1.3978.
The 1.3975 level is just 3 pips below spot, making it one of today’s closest option levels.
As the New York cut approaches, watch for price to gravitate toward 1.3975 or trade back and forth around it.
If USD/CAD breaks clearly below 1.3975 and cannot recover, assess the downside momentum rather than assuming the option will provide support. If price moves higher, do not assume it will return to this level.
AUD/USD, NZD/USD, EUR/GBP
No notable options are listed for today.
Next Trading Day — November 3
EUR/USD
1.1100 — EUR 700 million
1.1125 — EUR 1.2 billion
1.1140 — EUR 513 million
1.1150 — EUR 546 million
1.1200 — EUR 2.4 billion — largest
1.1220 — EUR 564 million
1.1225 — EUR 592 million
1.1250 — EUR 576 million
1.1255 — EUR 890 million
1.1260 — EUR 802 million
1.1300 — EUR 2.4 billion — largest
Using the current spot rate as a reference, the nearest level is 1.1200, about 17 pips above spot. It is also the largest option listed for the next trading day, making it important both in size and distance.
The 1.1200 level is listed for both today and the next trading day. If the pair approaches it today, watch whether trading settles there or breaks through and holds into the next day.
To the downside, 1.1150 is about 33 pips below spot, 1.1140 is about 43 pips below, 1.1125 is about 58 pips below, and 1.1100 is about 83 pips below. Prioritize 1.1150, which also has a large option listed for today.
To the upside, 1.1220 is about 37 pips above spot and 1.1225 is about 42 pips above. Together, these levels have EUR 1.156 billion in options and form a zone to watch if the pair breaks above 1.1200 and continues higher.
Beyond that, 1.1250 is about 67 pips above spot, 1.1255 is about 72 pips above, and 1.1260 is about 77 pips above. The combined options at 1.1250–1.1260 total EUR 2.268 billion, making this a zone to monitor if the rebound extends.
There is also EUR 2.4 billion at 1.1300, but it is about 117 pips above spot. For now, prioritize 1.1200, followed by 1.1220–1.1225.
USD/JPY
157.95 — USD 856 million
158.00 — USD 951 million — largest
Using the current spot rate as a reference, 157.95 is about 18 pips above spot and 158.00 is about 23 pips above.
The combined options at 157.95–158.00 total USD 1.807 billion. This is a significant concentration within a narrow range and an important zone for the next trading day.
The 158.00 level is listed for both today and the next trading day. If the pair approaches this area today, watch whether it continues to trade around 157.95–158.00 tomorrow or breaks above and holds.
Both levels are above spot, but their positioning alone does not justify expecting a rise.
USD/CHF
0.8150 — USD 581 million
0.8285 — USD 1.1 billion — largest
Using the current spot rate as a reference, the largest option at 0.8285 is about 55 pips above spot. It is the first level to monitor if a rebound continues.
The level is also close to today’s 0.8300 option. If USD/CHF rises into tomorrow, watch the reaction around 0.8285–0.8300.
The 0.8150 level is about 80 pips below spot. Treat it as a level to monitor if the pair falls toward it, rather than as support near current levels.
NZD/USD
0.5675 — NZD 600 million
Using the current spot rate as a reference, 0.5675 is about 59 pips above spot.
This is a level to monitor if a rebound brings the pair closer. Watch whether price settles near it or breaks above and holds.
EUR/GBP
0.8475 — EUR 861 million
Using the current spot rate as a reference, 0.8475 is about 131 pips above spot.
Since it is some distance away, treat it as a level to monitor if EUR/GBP makes a substantial rise, rather than as a level likely to affect trading near current prices.
GBP/USD, USD/CAD, AUD/USD
No notable options are listed for the next trading day.
Overall Picture
Today, USD/CAD’s 1.3975 level is about 3 pips below spot, and EUR/USD’s 1.1175 level is about 8 pips below, making these the closest option levels to current prices.
EUR/USD has a large EUR 3.2 billion option at 1.1150, about 33 pips below spot. Prioritize the reaction at 1.1175, then monitor 1.1150 if the decline continues.
For USD/JPY, 158.00 is about 23 pips above spot. There is also a notable concentration at 157.95–158.00 for the next trading day, making this a zone to watch across both expiries.
For the next trading day, EUR/USD’s 1.1200 level has EUR 2.4 billion in options and is relatively close, about 17 pips above spot. If the pair rises, additional options are clustered at 1.1220–1.1225 and 1.1250–1.1260.
The listed levels for USD/CHF, NZD/USD, and EUR/GBP are some distance from spot and should be treated as reference points if price approaches them.
Trading Strategy
For EUR/USD, the key question is whether 1.1175 holds. If the pair rebounds, watch 1.1200, which is listed for both today and the next trading day. If it breaks below 1.1175 and cannot recover, monitor today’s largest option at 1.1150. If EUR/USD breaks above 1.1200 and continues higher, the next reference zone is 1.1220–1.1225.
For USD/JPY, focus on a move toward 158.00 and whether price holds there. Into the next trading day, watch whether trading continues around 157.95–158.00 or moves away from the zone. If the pair declines, 157.00 is the next listed level for today.
For USD/CAD, watch the reaction at 1.3975, which is very close to spot. Focus on whether trading settles around that level or breaks through decisively.
For USD/CHF, if the pair rebounds, monitor tomorrow’s 0.8285 level, followed by today’s 0.8300.
Do not base a trade solely on price approaching an option level. Focus on whether trading settles near the level or breaks through and holds.
