Today’s Option Overview
28 September 2026
Spot Levels
EUR/USD: 1.1388
USD/JPY: 157.67
GBP/USD: 1.3243
USD/CHF: 0.8297
USD/CAD: 1.4149
AUD/USD: 0.7023
NZD/USD: 0.5670
EUR/GBP: 0.8595
Today’s Expiries
28 September
EUR/USD
• 1.1300 (€679 million)
• 1.1350 (€2.3 billion)
• 1.1370 (€791 million)
• 1.1400 (€4.5 billion) Largest
• 1.1415 (€878 million)
• 1.1420 (€1.7 billion)
• 1.1425 (€630 million)
• 1.1430 (€610 million)
• 1.1435 (€613 million)
• 1.1450 (€2.3 billion)
• 1.1475 (€1.2 billion)
• 1.1480 (€560 million)
• 1.1500 (€4.7 billion)
Spot is currently 1.1388.
A very large €4.5 billion option is set at 1.1400, around 12 pips above spot. This is today’s most important level, with EUR/USD likely to be drawn towards and potentially pinned around 1.1400 into the New York cut.
If EUR/USD breaks clearly above 1.1400, the 1.1415 to 1.1450 area becomes the next upside zone. In particular, €2.3 billion is set at 1.1450, making it an important level on any advance.
On the downside, 1.1370 is close to spot. A break below it would bring 1.1350, where €2.3 billion is set to expire, into focus as the next downside level.
USD/JPY
• 156.75 (US$1.3 billion)
• 157.50 (US$797 million)
• 158.00 (US$516 million)
• 158.25 (US$954 million)
• 159.00 (US$787 million)
Spot is currently 157.67.
The nearest key level is 157.50, around 17 pips below spot. It is likely to act as today’s central level, with a pullback towards 157.50 possible into the New York cut.
On the upside, 158.00, around 33 pips above spot, is the first key threshold. If USD/JPY breaks above and holds above 158.00, there is scope for a move towards 158.25 and then 159.00.
On the downside, a break below 157.50 would bring 156.75 into focus.
GBP/USD
• 1.3300 (£840 million)
Spot is currently 1.3243.
The 1.3300 strike is around 57 pips above spot and represents the first upside target if GBP/USD moves higher.
AUD/USD
• 0.6900 (A$564 million)
• 0.7000 (A$531 million)
• 0.7100 (A$1.2 billion) Largest
Spot is currently 0.7023.
The 0.7000 strike is around 23 pips below spot and provides a near-term downside reference point. Whether AUD/USD can hold above 0.7000 will be important.
A large A$1.2 billion option is set at 0.7100, although it is around 77 pips above spot. It should be viewed as an upside target if Australian-dollar buying continues.
USD/CHF, USD/CAD, NZD/USD and EUR/GBP
There are no particularly notable large options today.
Next Business Day
29 September
EUR/USD
• 1.1400 (€4.7 billion) Largest
• 1.1440 (€745 million)
• 1.1450 (€898 million)
• 1.1490 (€1.6 billion)
• 1.1530 (€737 million)
Another large €4.7 billion option is set at 1.1400 the following day, around 12 pips above the current spot level.
The 1.1400 level will therefore be an exceptionally strong focal point from today into the following day. Whether EUR/USD can break above and establish itself above 1.1400 will be a key turning point for its short-term direction.
AUD/USD
• 0.7000 (A$520 million)
An option is again set at 0.7000 the following day, keeping the focus on the battle around 0.7000 that has continued since the start of the week.
Overall Structure
• EUR/USD has €4.5 billion expiring at 1.1400 today and €4.7 billion at the same level the following day.
• With 1.1400 close to spot, it is the most important option level for the first half of this week.
• USD/JPY is likely to trade around 157.50, with a break above 158.00 as the next focus.
• For AUD/USD, 0.7000 is the key near-term downside reference point, while 0.7100 is the major upside target if the pair moves higher.
