Today’s Option Overview 1 September 2026
Spot Prices
EUR/USD: 1.1608
USD/JPY: 159.85
GBP/USD: 1.3546
USD/CHF: 0.8092
USD/CAD: 1.3864
AUD/USD: 0.7169
NZD/USD: 0.5911
EUR/GBP: 0.8567
Today, 1 September
EUR/USD
・1.1500 (€643 million)
・1.1540 (€1.2 billion)
・1.1580 (€528 million)
・1.1585 (€700 million)
・1.1590 (€655 million)
● 1.1600 (€2.3 billion) Largest
・1.1625 (€675 million)
・1.1635 (€735 million)
・1.1650 (€2.1 billion)
・1.1700 (€1.1 billion)
The current price is 1.1608.
Today’s largest option is €2.3 billion at 1.1600. It is only around 8 pips below the current price, making it the most important nearby reference level into the New York cut.
There is also a large €2.1 billion option at 1.1650 above spot. If EUR/USD holds above 1.1600, it may move toward 1.1625 and 1.1635, with 1.1650 becoming the next upside target.
Conversely, a clear break below 1.1600 would place the 1.1590 to 1.1580 area in focus as the first downside zone.
USD/JPY
・158.90 ($671 million)
・159.68 ($626 million)
● 161.00 ($595 million) Largest
The current price is 159.85.
The nearest strike is 159.68, around 17 pips below spot. A modest pullback or move back toward 159.68 may be considered into the New York cut.
However, the option size is not particularly large. Today’s direction is therefore more likely to be driven by the battle around 160.00, U.S. yields, and concerns over yen-buying intervention than by options.
If USD/JPY breaks clearly above and holds above 160.00, 161.00 becomes the next upside target.
GBP/USD
● 1.3550 (£603 million) Largest
The current price is 1.3546.
The strike is only around 4 pips above spot, making a move back toward 1.3550 and price consolidation around that level likely into the New York cut.
USD/CHF
・0.8100 ($506 million)
● 0.8170 ($581 million) Largest
The current price is 0.8092.
The 0.8100 strike is around 8 pips above spot and is the first key short-term level. If USD/CHF breaks above and holds above 0.8100, 0.8170 becomes the next upside target.
USD/CAD
● 1.3975 ($580 million) Largest
The current price is 1.3864.
The strike is around 111 pips above spot, limiting its direct influence today.
AUD/USD
● 0.7100 (A$731 million) Largest
The current price is 0.7169.
The strike is around 69 pips below spot. If AUD/USD declines, 0.7100 becomes an important downside reference.
Next Business Day, 2 September
EUR/USD
・1.1600 (€1.4 billion)
・1.1650 (€1.1 billion)
・1.1655 (€510 million)
・1.1675 (€569 million)
● 1.1700 (€2.0 billion) Largest
The current price is 1.1608.
The following day has large options at 1.1600 (€1.4 billion) and 1.1700 (€2.0 billion).
The 1.1600 level is the key downside reference. If EUR/USD holds above it and rises, 1.1650 through 1.1675 come into focus, followed by 1.1700 as the largest upside target.
USD/JPY
・159.25 ($1.4 billion)
● 159.50 ($1.8 billion) Largest
・160.00 ($911 million)
The current price is 159.85.
The following day has a large $1.8 billion option at 159.50, around 35 pips below spot. There is also $911 million at 160.00.
If USD/JPY is capped near 160.00, a move back toward 159.50 is likely to be considered. Conversely, if the pair breaks clearly above and holds above 160.00, an option-related threshold will have been cleared and further upside may develop.
GBP/USD
● 1.3550 (£533 million) Largest
The current price is 1.3546.
The 1.3550 strike remains exceptionally close to spot the following day, making price action centered around this level likely.
USD/CAD
● 1.3800 ($575 million) Largest
The current price is 1.3864.
The strike is around 64 pips below spot and becomes a downside reference if USD/CAD weakens.
AUD/USD
● 0.7120 (A$780 million) Largest
・0.7150 (A$686 million)
The current price is 0.7169.
The 0.7150 strike is around 19 pips below spot and is the first key level for the following day. A break below 0.7150 would bring 0.7120 into focus.
EUR/GBP
● 0.8615 (€605 million) Largest
The current price is 0.8567.
The strike is around 48 pips above spot and becomes an upside target if euro strength and sterling weakness continue.
Overall Structure
・EUR/USD 1.1600, with €2.3 billion in options, is the most important nearby level today.
・EUR/USD also has €2.1 billion at 1.1650 above spot, making the ability to hold above 1.1600 key to further upside.
・For GBP/USD today, the 1.3550 strike is almost exactly at the current price, favoring option-related price consolidation.
・For USD/JPY the following day, options are concentrated at 159.50 and 160.00, making the battle around 160.00 particularly important.
Trading Strategy
EUR/USD
・Expect today’s price action to remain centered around 1.1600.
・Holding above 1.1600 leaves room for a move toward 1.1650.
・A clear break below 1.1600 warrants caution for a decline toward 1.1590 and 1.1580.
USD/JPY
・Watch for a move back toward 159.68 today, while giving top priority to the battle around 160.00.
・Failure to hold above 160.00 warrants caution for a correction toward 159.50 the following day.
・A clear break above and sustained hold above 160.00 would expand upside potential toward 161.00.
