Today’s Option Expiries | July 20, 2026
■ Spot Prices
EUR/USD: 1.1440
USD/JPY: 162.35
GBP/USD: 1.3467
USD/CHF: 0.8072
USD/CAD: 1.4009
AUD/USD: 0.6990
NZD/USD: 0.5851
EUR/GBP: 0.8494
■ Today’s Expiries | July 20
EUR/USD
・1.1325 (€850M)
● 1.1350 (€1.5B)
・1.1385 (€550M)
● 1.1390 (€1.5B)
● 1.1400 (€1.4B)
● 1.1425 (€1.6B) Largest
・1.1450 (€1.2B)
・1.1475 (€850M)
・1.1485 (€1.3B)
・1.1490 (€630M)
・1.1500 (€940M)
・1.1510 (€730M)
Spot is currently 1.1440.
Large option expiries are concentrated close to the current market at:
・1.1425 (€1.6B)
・1.1450 (€1.2B)
This positioning may encourage price action to remain centered within the 1.1425–1.1450 range.
USD/JPY
● 162.00 ($3.1B) Largest
・163.00 ($700M)
Spot is currently 162.35.
A very large expiry is positioned at 162.00, making this level an important reference point ahead of the New York cut.
GBP/USD
・1.3395 (£540M)
・1.3520 (£570M)
Spot is currently 1.3467.
Both strikes are some distance from the current market, so their influence is likely to remain limited.
USD/CHF
● 0.8110 ($700M)
Spot is currently 0.8072.
The 0.8110 level is likely to act as an upside reference and potential resistance area.
USD/CAD
No significant large expiries today.
AUD/USD
No significant large expiries today.
NZD/USD
No significant large expiries today.
EUR/GBP
No significant large expiries today.
■ Next Business Day Expiries | July 21
EUR/USD
・1.1300 (€1.3B)
・1.1325 (€680M)
● 1.1400 (€2.4B) Largest
・1.1445 (€640M)
・1.1450 (€1.1B)
● 1.1475 (€1.5B)
・1.1480 (€1.0B)
● 1.1485 (€1.6B)
● 1.1500 (€1.9B)
・1.1550 (€660M)
USD/JPY
・160.85 ($760M)
・161.25 ($600M)
・162.00 ($630M)
● 163.45 ($3.4B) Largest
USD/CAD
・1.4000 ($610M)
・1.4125 ($830M)
AUD/USD
● 0.6925 (A$1.9B) Largest
・0.7000 (A$570M)
■ Overall Market Structure
・EUR/USD has a heavy concentration of large expiries between 1.1425 and 1.1450, creating conditions favorable for range-bound trading.
・USD/JPY has a major $3.1 billion expiry at 162.00, which remains the key option-related reference point.
・USD/CHF is likely to face resistance around 0.8110.
・Looking ahead to tomorrow, very large expiries are positioned at USD/JPY 163.45, EUR/USD 1.1500, and AUD/USD 0.6925.
■ Trading Strategy
EUR/USD
・Focus on the 1.1425–1.1450 range.
・Watch whether the pair can break decisively above 1.1450.
USD/JPY
・Be alert to a possible pull toward 162.00.
・A clear directional move may be difficult to sustain in the low 162s.
USD/CHF
・The 0.8110 level is likely to act as resistance.
■ Summary
Today’s key option levels are:
● EUR/USD 1.1425 (€1.6B)
● USD/JPY 162.00 ($3.1B)
● USD/CHF 0.8110 ($700M)
USD/JPY has an exceptionally large $3.1 billion expiry at 162.00, making this level a potential center of gravity ahead of the New York cut.
EUR/USD also has significant expiries concentrated between 1.1425 and 1.1450, increasing the likelihood of continued range-bound trading during today’s session.
