Today’s Option Overview
17 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, 17 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 level is 1.1464.
Today’s largest expiry is €4.6 billion at 1.1500, around 36 pips above spot. It is an exceptionally large upside and central level.
There is also a combined €3.2 billion in expiries between 1.1430 and 1.1440, providing support below spot.
This creates a short-term range between 1.1430 and 1.1500. If EUR/USD breaks clearly above 1.1500, the 1.1510–1.1525 area becomes 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 level is 155.86.
Today’s largest expiry is US$2.7 billion at 156.00, only around 14 pips above spot.
There is also a combined US$2.0 billion in expiries between 155.45 and 155.60, supporting the market below spot. Into the New York cut, the most likely structure is consolidation between 155.50 and 156.00.
If USD/JPY breaks clearly above and holds above 156.00, a move toward 156.50 and then 156.75 comes into view. Conversely, a break below 155.45 would raise the risk of a correction toward 155.00.
USD/CHF
• 0.8125 (US$689 million)
• 0.8200 (US$543 million)
● 0.8300 (US$597 million) — largest
The current spot level is 0.8253.
The 0.8300 expiry is around 47 pips above spot, while 0.8200 is around 53 pips below. This limits the short-term pinning effect. Focus on whether the pair breaks outside 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 level is 1.3987.
The closest expiry is 1.3960, around 27 pips below spot. A pullback toward and possible attraction to the 1.3960 area may be seen into the New York cut.
AUD/USD
• 0.6990 (A$798 million)
● 0.7200 (A$977 million) — largest
The current spot level is 0.7109.
The 0.7200 expiry is around 91 pips above spot, while 0.6990 is around 119 pips below. The near-term impact is limited, but 0.7200 becomes the upside target if the Australian dollar strengthens.
NZD/USD
● 0.5855 (NZ$909 million) — largest
The current spot level is 0.5727.
The expiry is around 128 pips above spot, limiting its direct impact.
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 level is 1.1464.
Tomorrow, there is an exceptionally large €5.2 billion expiry at 1.1400, around 64 pips below spot. It is the key downside target if EUR/USD declines.
On the upside, €2.9 billion is set to expire 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 it would bring 1.1400 into focus, while a break above it would shift attention to the 1.1510–1.1550 area.
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 level is 155.86.
Tomorrow’s exceptionally large US$4.6 billion expiry is at 155.00. Although it is around 86 pips below spot, it is a significant downside target if USD/JPY declines.
On the upside, a break above 156.00 would bring 157.00 into focus as the next target.
GBP/USD
• 1.3300 (GBP 597 million)
● 1.3350 (GBP 720 million) — largest
The current spot level is 1.3380.
The 1.3350 expiry is around 30 pips below spot and is the key downside reference level if GBP/USD remains weak.
USD/CHF
• 0.8125 (US$689 million)
● 0.8170 (US$1.0 billion) — largest
The current spot level is 0.8253.
The expiry is around 83 pips below spot, limiting its short-term influence.
AUD/USD
• 0.7100 (A$580 million)
● 0.7200 (A$2.2 billion) — largest
The current spot level is 0.7109.
The 0.7100 expiry is around 9 pips below spot, making it the short-term central level. Whether AUD/USD can hold above 0.7100 will be important.
On the upside, there is a sizeable A$2.2 billion expiry at 0.7200. It is a strong upside target if the Australian dollar rebounds.
NZD/USD
● 0.5700 (NZ$553 million) — largest
The current spot level is 0.5727.
The expiry is around 27 pips below spot, making a pullback toward 0.5700 more relevant into tomorrow.
EUR/GBP
● 0.8610 (€560 million) — largest
The current spot level is 0.8565.
The expiry is around 45 pips above spot and becomes the upside target if euro strength and sterling weakness develop.
Overall Structure
• Today’s EUR/USD option structure has support between 1.1430 and 1.1440, while 1.1500 is the largest upside and central level.
• Today, USD/JPY has options concentrated between 155.50 and 156.00, with 156.00 the most important level.
• Tomorrow, EUR/USD has an exceptionally large €5.2 billion expiry at 1.1400, while USD/JPY has a US$4.6 billion expiry at 155.00.
• Tomorrow, AUD/USD has a nearby 0.7100 level, while a large A$2.2 billion expiry sits at 0.7200 above.
