November 6, 2026
EUR/USD
1.1150 — EUR 960 million — largest
1.1250 — EUR 624.89 million
Options are listed at 1.1150 and 1.1250 today. The 1.1150 option is larger, at EUR 960 million.
Ahead of the New York cut, watch whether the market approaches either level and whether price action settles after reaching it.
The two levels are 100 pips apart. A break of one does not, by itself, imply a move to the other.
USD/JPY
157.00 — USD 1.72 billion
158.00 — USD 4.24 billion — largest
159.00 — USD 1.65 billion
The main focus today is 158.00, where USD 4.24 billion in options are listed. The total across all three levels is USD 7.61 billion, with more than half concentrated at 158.00.
If spot is near 158.00, watch for trading back and forth around the level ahead of the New York cut, and whether price action settles after approaching it.
If USD/JPY breaks above 158.00 and holds, 159.00 is the next listed level. If it falls below 158.00 and fails to recover, 157.00 is next. Both are 100 pips away, so a break alone does not justify assuming either level will be reached.
Do not assume that the pair will return to 158.00 or reverse there simply because the option size is large.
GBP/USD
1.3200 — GBP 591.51 million — largest
1.3315 — GBP 425.75 million
1.3475 — GBP 446.81 million
The largest option is at 1.3200, but the distances between the listed levels are wide, so prioritize their distance from spot.
The gap between 1.3475 and 1.3315 is 160 pips; the gap between 1.3315 and 1.3200 is 115 pips.
Focus first on whether the market approaches a level near the current price and how it reacts. Avoid treating the largest option at a distant level as an immediate price target.
USD/CHF
0.8100 — USD 175 million — largest
0.8175 — USD 136.16 million
Options are listed at 0.8100 and 0.8175 today. The larger amount is at 0.8100.
If spot approaches either level, watch whether price action settles nearby or breaks through and holds beyond it.
The levels are 75 pips apart. The presence of options alone does not mean price will remain within this range.
USD/CAD
1.3950 — USD 1.01 billion
1.4000 — USD 1.3 billion — largest
Options exceeding USD 1 billion are listed at both 1.3950 and 1.4000, for a combined total of USD 2.31 billion.
The levels are 50 pips apart. If spot is in this area, watch the reaction after the market approaches 1.3950 or 1.4000.
A break above 1.4000 that holds, or a break below 1.3950 with no recovery, would indicate a move away from the listed range.
Even with sizable options at both levels, do not assume they will act as a ceiling or floor.
AUD/USD
0.6900 — AUD 792.2 million — largest
0.6950 — AUD 640.23 million
Options are listed at 0.6900 and 0.6950 today, with a combined total of AUD 1.43243 billion.
If spot is above 0.6950, prioritize the reaction if the pair falls toward that level. If it breaks below and fails to recover, 0.6900 is the next listed level.
If spot is between the two levels, watch which one the market approaches and whether price action settles after reaching it.
The levels are 50 pips apart, so a break below 0.6950 alone does not imply a decline to 0.6900.
NZD/USD
0.5640 — NZD 913.65 million
Options totaling NZD 913.65 million are listed at 0.5640 today.
If spot is nearby, watch whether trading continues around 0.5640 ahead of the New York cut and whether price action settles after approaching the level.
If the pair breaks through and holds beyond it, focus on whether the move away from the level continues rather than assuming a return to it.
EUR/GBP
No notable options are listed for today.
Next business day — November 9
No options for the next business day were included in the information provided.
Overall picture
The most notable position today is the USD 4.24 billion option at 158.00 in USD/JPY. Large options are also listed at 157.00 and 159.00, but the largest amount is concentrated at 158.00.
For USD/CAD, options exceeding USD 1 billion are listed at both 1.3950 and 1.4000. They are 50 pips apart, with a combined total of USD 2.31 billion.
The largest listed options are at 1.1150 for EUR/USD and 0.6900 for AUD/USD. NZD/USD also has NZD 913.65 million listed at 0.5640.
However, assessing the near-term impact requires considering the distance from spot as well as the option size. Prioritize levels close to the current price.
Trading strategy
For USD/JPY, focus on the reaction at 158.00. Watch whether trading continues around the level after an approach or breaks through and holds. Treat 157.00 and 159.00 as levels to monitor if the market moves closer to them.
For USD/CAD, watch the reaction after the pair approaches 1.3950 or 1.4000. Even if it trades between the two levels, do not assume it will return to that range; watch for a move beyond either level.
For EUR/USD, prioritize whichever of 1.1150 and 1.1250 is closer to spot. For AUD/USD, do the same with 0.6900 and 0.6950. For NZD/USD, watch whether price action settles around 0.5640.
After the New York cut, also watch whether price action expands beyond levels that had contained trading near the options.
