Today’s Option Overview
29 September 2026
Spot Levels
EUR/USD: 1.1360
USD/JPY: 157.45
GBP/USD: 1.3237
USD/CHF: 0.8332
USD/CAD: 1.4185
AUD/USD: 0.7019
NZD/USD: 0.5657
EUR/GBP: 0.8580
Today’s Expiries
29 September
EUR/USD
• 1.1400 (€4.9 billion) Largest
• 1.1440 (€745 million)
• 1.1450 (€898 million)
• 1.1490 (€1.6 billion)
• 1.1530 (€737 million)
Spot is currently 1.1360.
A very large €4.9 billion option is set at 1.1400, around 40 pips above spot. It is today’s most important level, with a move towards 1.1400 likely to be watched on any upside move.
However, given its distance from spot, its direct pinning effect into the New York cut is likely to be limited. If EUR/USD breaks above and holds above 1.1400, the 1.1440 to 1.1450 area becomes the next upside zone.
AUD/USD
• 0.7000 (A$640 million)
Spot is currently 0.7019.
The 0.7000 strike is around 19 pips below spot and is today’s nearest option level. A move lower towards, or back to, the 0.7000 area may be seen into the New York cut.
USD/JPY, GBP/USD, USD/CHF, USD/CAD, NZD/USD and EUR/GBP
There are no particularly notable large options today.
Next Business Day
30 September
EUR/USD
• 1.1300 (€1.2 billion)
• 1.1400 (€820 million)
• 1.1450 (€3.0 billion combined)
• 1.1470 (€1.3 billion)
• 1.1480 (€735 million)
• 1.1490 (€810 million)
• 1.1500 (€990 million)
The following day, a combined €3.0 billion is set at 1.1450, making it a major upside target. As it is around 90 pips above the current spot level, it is more likely to be viewed as a target on an advance than as a near-term pinning level.
Of the nearer strikes, 1.1400 is around 40 pips above spot and will be the first level to watch. If EUR/USD breaks above 1.1400, options are concentrated from 1.1450 to 1.1500, creating a structure in which upside resistance is likely to increase in stages.
On the downside, the €1.2 billion option at 1.1300 is a downside reference point.
USD/JPY
• 157.00 (US$1.4 billion)
• 158.00 (US$908 million)
• 159.30 (US$1.3 billion)
The 157.00 strike is around 45 pips below spot, while 158.00 is around 55 pips above. With nearby strikes on both sides of the current level, the ¥157–¥158 range is likely to be in focus the following day.
A break below ¥157 could accelerate the decline, while a break above and sustained hold above ¥158 would open scope for a move towards ¥159.30.
GBP/USD
• 1.3450 (£650 million)
This strike is around 213 pips above spot, limiting its direct influence the following day.
USD/CAD
• 1.4050 (US$565 million)
This strike is around 135 pips below spot and acts as a downside reference point should USD/CAD fall.
Overall Structure
• Today’s main level for EUR/USD is 1.1400, where €4.9 billion is set to expire.
• For AUD/USD, 0.7000 is close to spot and is today’s key short-term level.
• For EUR/USD the following day, the first focus is whether it can break above 1.1400. If it does, the combined €3.0 billion at 1.1450 becomes the major upside target.
• For USD/JPY the following day, attention will be on the battle between ¥157 and ¥158.
