Today’s Option Expiries | July 28, 2026
■ Spot Prices
EUR/USD: 1.1365
USD/JPY: 163.73
GBP/USD: 1.3284
USD/CHF: 0.8193
USD/CAD: 1.4116
AUD/USD: 0.6966
NZD/USD: 0.5764
EUR/GBP: 0.8552
■ Today’s Expiries | July 28
EUR/USD
・1.1425 (€820M)
Spot is currently 1.1365.
The strike is some distance above the current market, so its influence on today’s price action is likely to remain limited.
USD/JPY
No significant large expiries today.
GBP/USD
No significant large expiries today.
USD/CHF
・0.8200 ($530M)
Spot is currently 0.8193.
The 0.8200 level is likely to act as an important near-term reference point.
USD/CAD
No significant large expiries today.
AUD/USD
・0.6925 (A$500M)
Spot is currently 0.6966.
The 0.6925 level may be viewed as potential downside support.
NZD/USD
No significant large expiries today.
EUR/GBP
No significant large expiries today.
■ Next Business Day Expiries | July 29
EUR/USD
● 1.1275 (€1.4B) Largest
・1.1300 (€1.2B)
・1.1305 (€840M)
・1.1350 (€1.0B)
・1.1355 (€1.0B)
・1.1415 (€1.1B)
・1.1440 (€600M)
・1.1485 (€840M)
USD/JPY
・162.25 ($610M)
・163.00 ($820M)
・163.50 ($530M)
GBP/USD
・1.3225 (£550M)
USD/CAD
・1.4100 ($560M)
・1.4150 ($570M)
AUD/USD
● 0.6900 (A$1.1B) Largest
・0.7015 (A$610M)
NZD/USD
・0.5750 (NZ$510M)
EUR/GBP
・0.8525 (€550M)
・0.8575 (€670M)
■ Overall Market Structure
・Today’s option expiries are relatively small across the major currency pairs, suggesting limited direct influence on spot prices.
・USD/CHF may remain sensitive to the 0.8200 level.
・AUD/USD may find support around 0.6925.
・Larger expiries are scheduled for the next business day in EUR/USD, USD/JPY, and AUD/USD.
■ Trading Strategy
EUR/USD
・Today’s expiry is unlikely to have a major impact.
・Expect cautious, event-driven trading ahead of the FOMC.
USD/JPY
・The pair is more likely to be driven by positioning ahead of the FOMC and BOJ meetings than by option-related flows.
USD/CHF
・Price action may remain capped or drawn toward the 0.8200 area ahead of the New York cut.
AUD/USD
・The 0.6925 level may act as downside support.
・A recovery above 0.7000 could strengthen the rebound momentum.
■ Summary
Today’s main option levels are:
● USD/CHF 0.8200 ($530M)
● AUD/USD 0.6925 (A$500M)
Overall option volumes are relatively small today, so the impact of the New York cut is expected to be limited.
Market attention is increasingly shifting away from option-related flows and toward position adjustments and event risk ahead of the FOMC and the Bank of Japan policy meeting.
