Today’s Option Overview
18 September 2026
Spot Levels
EUR/USD: 1.1464
USD/JPY: 155.86
GBP/USD: 1.3380
USD/CHF: 0.8253
USD/CAD: 1.3987
AUD/USD: 0.7109
NZD/USD: 0.5727
EUR/GBP: 0.8565
Today, 18 September
EUR/USD
• 1.1400 (€3.1 billion)
• 1.1430 (€1.6 billion)
• 1.1440 (€1.6 billion)
• 1.1500 (€4.6 billion) — largest
• 1.1505 (€793 million)
• 1.1510 (€1.2 billion)
• 1.1525 (€807 million)
• 1.1600 (€3.0 billion)
• 1.1630 (€864 million)
The current spot rate is 1.1464.
Today’s largest expiry is €4.6 billion at 1.1500, around 36 pips above spot. This is a very large resistance and central level for the day.
There are also options totalling €3.2 billion between 1.1430 and 1.1440, providing support below the current spot level.
As a result, the 1.1430–1.1500 range is likely to be closely watched in the short term. A clear break above 1.1500 would bring the 1.1510–1.1525 area into focus as the next upside zone.
USD/JPY
• 153.50 (US$1.4 billion)
• 154.50 (US$552 million)
• 155.00 (US$1.8 billion)
• 155.45 (US$1.0 billion)
• 155.60 (US$983 million)
• 156.00 (US$2.7 billion) — largest
• 156.50 (US$928 million)
• 156.75 (US$1.6 billion)
The current spot rate is 155.86.
Today’s largest expiry is US$2.7 billion at 156.00, only around 14 pips above spot.
There are also options totalling around US$2.0 billion between 155.45 and 155.60, providing support below the current level. Into the New York cut, the clearest structure is likely to be consolidation between 155.50 and 156.00.
If USD/JPY breaks clearly above 156.00 and holds, 156.50 and then 156.75 come into view. Conversely, a break below 155.45 would raise the risk of a correction towards 155.00.
USD/CHF
• 0.8125 (US$689 million)
• 0.8200 (US$543 million)
• 0.8300 (US$597 million) — largest
The current spot rate is 0.8253.
The 0.8300 expiry is around 47 pips above spot, while 0.8200 is around 53 pips below. Short-term pinning effects are likely to be limited, with attention on a break beyond the 0.8200–0.8300 range.
USD/CAD
• 1.3840 (US$686 million)
• 1.3850 (US$873 million)
• 1.3955 (US$581 million)
• 1.3960 (US$718 million) — largest
The current spot rate is 1.3987.
The closest expiry is 1.3960, around 27 pips below spot. A move back towards 1.3960 may be favoured into the New York cut.
AUD/USD
• 0.6990 (A$798 million)
• 0.7200 (A$977 million) — largest
The current spot rate is 0.7109.
The 0.7200 expiry is around 91 pips above spot, while 0.6990 is around 119 pips below. The immediate influence is limited, but 0.7200 is the key upside target if the Australian dollar strengthens.
NZD/USD
• 0.5855 (NZ$909 million) — largest
The current spot rate is 0.5727.
This expiry is around 128 pips above spot, limiting its immediate influence.
GBP/USD and EUR/GBP
There are no notable large option expiries.
Next Business Day, 18 September
EUR/USD
• 1.1400 (€5.2 billion) — largest
• 1.1440 (€1.5 billion)
• 1.1470 (€780 million)
• 1.1510 (€2.9 billion)
• 1.1515 (€1.0 billion)
• 1.1525 (€625 million)
• 1.1550 (€1.4 billion)
• 1.1600 (€2.0 billion)
• 1.1630 (€536 million)
The current spot rate is 1.1464.
The next business day features a very large €5.2 billion expiry at 1.1400, around 64 pips below spot. This is the main downside target if EUR/USD declines.
On the upside, there is a €2.9 billion expiry at 1.1510, around 46 pips above spot. In the short term, the 1.1440–1.1510 range is likely to be important. A break below would bring 1.1400 into focus, while a break higher would shift attention to 1.1510–1.1550.
USD/JPY
• 155.00 (US$4.6 billion) — largest
• 155.50 (US$811 million)
• 156.00 (US$624 million)
• 157.00 (US$1.1 billion)
The current spot rate is 155.86.
The next business day features a very large US$4.6 billion expiry at 155.00. Although it is around 86 pips below spot, it represents a strong downside target if USD/JPY moves lower.
On the upside, a break above 156.00 would bring 157.00 into focus as the next target.
GBP/USD
• 1.3300 (£597 million)
• 1.3350 (£720 million) — largest
The current spot rate is 1.3380.
The 1.3350 expiry is around 30 pips below spot and is a key downside reference level if GBP/USD weakens.
USD/CHF
• 0.8125 (US$689 million)
• 0.8170 (US$1.0 billion) — largest
The current spot rate is 0.8253.
The largest expiry is around 83 pips below spot, limiting its immediate influence.
AUD/USD
• 0.7100 (A$580 million)
• 0.7200 (A$2.2 billion) — largest
The current spot rate is 0.7109.
The 0.7100 expiry is only around 9 pips below spot and is the key short-term central level. Whether AUD/USD can hold above 0.7100 will be important.
On the upside, the large A$2.2 billion expiry at 0.7200 is a strong target if the Australian dollar rebounds.
NZD/USD
• 0.5700 (NZ$553 million) — largest
The current spot rate is 0.5727.
The expiry is around 27 pips below spot. A move lower towards 0.5700 may be favoured into the next business day.
EUR/GBP
• 0.8610 (€560 million) — largest
The current spot rate is 0.8565.
The expiry is around 45 pips above spot and is an upside target if EUR/GBP rises on euro strength or sterling weakness.
Overall Structure
• For EUR/USD today, 1.1430–1.1440 is the support zone, while 1.1500 is the largest upside and central expiry level.
• For USD/JPY today, option interest is concentrated between 155.50 and 156.00, with 156.00 the most important level.
• On the next business day, EUR/USD has a very large €5.2 billion expiry at 1.1400, while USD/JPY has a US$4.6 billion expiry at 155.00.
• For AUD/USD, 0.7100 is close to spot, while the large A$2.2 billion expiry at 0.7200 stands above.
