Today’s Option Overview
25 September 2026
Spot Levels
EUR/USD: 1.1372
USD/JPY: 158.14
GBP/USD: 1.3212
USD/CHF: 0.8290
USD/CAD: 1.4147
AUD/USD: 0.7014
NZD/USD: 0.5657
EUR/GBP: 0.8604
Today’s Expiries
25 September
EUR/USD
• 1.1300 (€925 million)
• 1.1390 (€658 million)
• 1.1400 (€2.0 billion) Largest
• 1.1480 (€594 million)
• 1.1500 (€1.0 billion)
• 1.1525 (€507 million)
Spot is currently 1.1372.
The nearest strike is 1.1390, around 18 pips above spot. In the short term, EUR/USD may first be drawn back towards this level. If it breaks higher, 1.1400, where €2.0 billion is set to expire, becomes the next key level.
Whether EUR/USD can break clearly above and hold above 1.1400 will be important in judging whether euro buying can continue ahead of the weekend. On the downside, 1.1300 is relatively distant, leaving limited option-related support near current levels.
USD/JPY
• 157.25 (US$546 million)
• 157.50 (US$561 million)
• 158.00 (US$635 million)
• 159.00 (US$1.0 billion) Largest
Spot is currently 158.14.
The 158.00 strike is very close, around 14 pips below spot, and is today’s central level. USD/JPY may be drawn back towards 158.00 or consolidate around this level ahead of the New York cut.
If the pair breaks below 158.00, 157.50 becomes the next downside reference point. Conversely, if USD/JPY holds in the 158 range, the US$1.0 billion option at 159.00 will be watched as a major upside target.
USD/CAD
• 1.3980 (US$517 million)
Spot is currently 1.4147.
The 1.3980 strike is around 167 pips below spot, meaning its direct influence today is likely to be limited. It becomes a medium-term downside reference level if USD/CAD declines substantially.
AUD/USD
• 0.7050 (A$563 million)
• 0.7150 (A$963 million) Largest
Spot is currently 0.7014.
The 0.7050 strike is around 36 pips above spot and represents the first short-term upside reference point. The larger 0.7150 option is around 136 pips higher and will be a key upside target if strong Australian dollar buying continues.
GBP/USD, USD/CHF, NZD/USD and EUR/GBP
There are no particularly large option expiries of note today.
Next Business Day
28 September
EUR/USD
• 1.1300 (€649 million)
• 1.1350 (€2.0 billion)
• 1.1370 (€591 million)
• 1.1400 (€3.7 billion)
• 1.1415 (€879 million)
• 1.1420 (€1.7 billion)
• 1.1425 (€540 million)
• 1.1430 (€610 million)
• 1.1435 (€513 million)
• 1.1450 (€2.1 billion)
• 1.1475 (€1.2 billion)
• 1.1480 (€560 million)
• 1.1500 (€4.6 billion) Largest
The closest strike to spot is 1.1370, around 2 pips below. At the start of next week, price action is likely to focus around 1.1370.
On the upside, large options are clustered from 1.1400 to 1.1450, making rallies more likely to face resistance. In particular, €3.7 billion is set at 1.1400 and €4.6 billion at 1.1500.
On the downside, the €2.0 billion option at 1.1350 becomes the first major support candidate if EUR/USD breaks below 1.1370.
USD/JPY
• 157.50 (US$719 million)
• 158.25 (US$954 million)
• 159.00 (US$787 million)
The 158.25 strike is closest to the current spot level, around 11 pips above, making it the first upside reference point at the start of next week.
If USD/JPY can hold above 158.25, upside room towards 159.00 is likely to come into focus. On a pullback, 157.50 is the key downside reference point.
GBP/USD
• 1.3300 (£840 million)
This strike is around 88 pips above current spot and will be an upside target if GBP/USD rises.
AUD/USD
• 0.6900 (A$564 million)
• 0.7100 (A$1.2 billion) Largest
The 0.7100 strike is around 86 pips above spot and will be the key upside target if the Australian dollar rebounds at the start of next week. On the downside, 0.6900 becomes the next reference point.
Overall Structure
• Today’s key zone for EUR/USD is 1.1390–1.1400.
• For USD/JPY, 158.00 is close to spot and is likely to be the central level ahead of the New York cut.
• At the start of next week, EUR/USD has an option at 1.1370 near current levels, while large expiries are clustered from 1.1400 to 1.1500 on the upside.
• For USD/JPY, 158.25 is close by, with 159.00 becoming the next focus if it breaks higher.
• For AUD/USD, the A$1.2 billion option at 0.7100 is important at the start of next week.
