π FX Options Report
March 9, 2026 | NY Cut Overview
β Current Spot Levels
| Currency Pair | Spot |
|---|---|
| EUR/USD | 1.1560 |
| USD/JPY | 158.50 |
| GBP/USD | 1.3328 |
| USD/CHF | 0.7794 |
| USD/CAD | 1.3551 |
| AUD/USD | 0.7011 |
| NZD/USD | 0.5887 |
| EUR/GBP | 0.8671 |
β Monday (March 9) NY Cut
EUR/USD
| Strike | Size |
|---|---|
| 1.1600 | β¬2.3B β Largest |
| 1.1650 | β¬1.9B |
| 1.1675 | β¬1.2B |
| 1.1690 | β¬690M |
Spot: 1.1560
π A large option cluster between 1.1600β1.1650.
In the short term, there is magnet pressure toward 1.1600.
EUR/USD therefore has a slight upside bias into the NY cut.
USD/JPY
| Strike | Size |
|---|---|
| 155.00 | $1.4B β Largest |
| 155.50 | $710M |
| 156.00 | $710M |
| 157.00 | $840M |
| 157.50 | $560M |
| 157.70 | $520M |
| 158.00 | $850M |
Spot: 158.50
π The closest magnet level is 158.00.
Into the NY cut, price may gravitate toward the 158 area.
However, geopolitical headlines could still push price beyond option defense levels.
USD/CAD
| Strike | Size |
|---|---|
| 1.3600 | $830M |
π 1.3600 is the key short-term magnet.
Current spot: 1.3551
Depending on oil prices, a pull toward 1.3600 is possible.
AUD/USD
| Strike | Size |
|---|---|
| 0.6900 | $520M |
| 0.6950 | $700M |
| 0.7000 | $1.4B β Largest |
Spot: 0.7011
π 0.7000 is a major pin level.
Price may center around the 0.7000 area into the NY cut.
β Tuesday (March 10) NY Cut
EUR/USD
| Strike | Size |
|---|---|
| 1.1500 | β¬760M |
| 1.1525 | β¬720M |
| 1.1595 | β¬650M |
| 1.1600 | β¬940M |
| 1.1640 | β¬1.2B |
| 1.1650 | β¬1.5B |
| 1.1695 | β¬1.0B |
| 1.1700 | β¬3.7B β Largest |
π A massive option sits at 1.1700 (β¬3.7B).
Later in the week, EUR/USD faces a strong upside magnet toward 1.1700.
USD/JPY
| Strike | Size |
|---|---|
| 155.00 | $1.1B |
| 157.75 | $620M |
| 159.00 | $740M |
π 159.00 becomes the upside target level.
USD/CHF
| Strike | Size |
|---|---|
| 0.7725 | $560M |
| 0.7950 | $660M |
AUD/USD
| Strike | Size |
|---|---|
| 0.7100 | $700M |
EUR/GBP
| Strike | Size |
|---|---|
| 0.8800 | β¬810M |
β Overall Market Structure
The current options positioning suggests the following structure:
β EUR/USD
Short term: 1.1600 magnet
Medium term: 1.1700 major magnet
β USD/JPY
Price constrained near 158
β AUD/USD
0.7000 pin structure
β USD/CAD
1.3600 magnet
β Trading Perspective
The market is currently being driven by three key factors:
-
Geopolitical headlines
-
Oil prices
-
NY cut option flows
For today in particular, the market structure reflects:
NY-cut magnetic flows
+
Upward pressure on EUR.
Short-term expectations:
-
EUR/USD β toward 1.1600
-
USD/JPY β range around 158
-
AUD/USD β 0.7000 pin behavior
However, given the current war-driven market environment, sudden moves triggered by headlines can override option levels, so traders should remain cautious.
