Today’s Option Overview
30 September 2026
Spot Rates
EUR/USD: 1.1329
USD/JPY: 157.13
GBP/USD: 1.3224
USD/CHF: 0.8343
USD/CAD: 1.4198
AUD/USD: 0.6968
NZD/USD: 0.5637
EUR/GBP: 0.8565
Options Expiring Today
30 September
EUR/USD
• 1.1300 (€1.7 billion)
• 1.1400 (€820 million)
• 1.1445 (€1 billion)
• 1.1450 (€2 billion) Largest
• 1.1465 (€908 million)
• 1.1470 (€1.3 billion)
• 1.1480 (€735 million)
• 1.1490 (€810 million)
• 1.1500 (€990 million)
Spot is currently 1.1329.
The largest expiry is the €2 billion option at 1.1450, around 121 pips above spot, so its immediate influence is likely to be limited.
The more relevant near-term level is 1.1300, around 29 pips below spot. The €1.7 billion option there is substantial, making price action near that level worth watching ahead of the New York cut if EUR/USD declines.
On a rebound, 1.1400 is the first listed level above spot, around 71 pips away. Near current levels, the downside level at 1.1300 is the more immediate focus.
USD/JPY
• 157.00 (US$1.4 billion) Largest
• 158.00 (US$918 million)
• 159.30 (US$1.3 billion)
Spot is currently 157.13.
The US$1.4 billion option at 157.00 is only around 13 pips below spot. It is one of today’s key levels, with price action around 157 likely to attract attention as the New York cut approaches.
The 158.00 strike is around 87 pips higher, while 159.30 is around 217 pips higher. For now, the focus is on price action around 157. If the pair moves clearly away from that level, the broader market direction will be important to watch.
GBP/USD
• 1.3245 (£600 million)
• 1.3450 (£650 million) Largest
Spot is currently 1.3224.
The 1.3245 strike is close, around 21 pips above spot, making it a near-term level to watch. If GBP/USD rebounds towards it, monitor whether price action stabilises around 1.3245.
The largest option, at 1.3450, is around 226 pips above spot, so its immediate influence is likely to be limited.
USD/CAD
• 1.4050 (US$565 million)
Spot is currently 1.4198.
The 1.4050 strike is around 148 pips below spot. Given the distance, these options are unlikely to have a meaningful pinning effect near the current price today.
USD/CHF, AUD/USD, NZD/USD and EUR/GBP
No notable options for today are listed in the image.
Options Expiring the Next Business Day
1 October
EUR/USD
• 1.1200 (€1 billion)
• 1.1315 (€727 million)
• 1.1340 (€762 million)
• 1.1375 (€1.8 billion)
• 1.1380 (€820 million)
• 1.1400 (€1.3 billion)
• 1.1425 (€2.2 billion) Largest
• 1.1450 (€725 million)
• 1.1485 (€1.2 billion)
At current spot, 1.1340 is around 11 pips higher and 1.1315 is around 14 pips lower. These nearby strikes are likely to be the first levels in focus tomorrow.
If EUR/USD advances, the next sizeable zone is 1.1375–1.1380. The largest option, at 1.1425, is around 96 pips above spot and will be an important level if the pair continues higher.
USD/JPY
• 156.00 (US$1.3 billion)
• 156.07 (US$1.2 billion)
• 156.10 (US$1.3 billion)
• 156.50 (US$1.5 billion)
• 157.00 (US$1.4 billion)
• 157.20 (US$530 million)
• 157.75 (US$599 million)
• 158.00 (US$1.5 billion)
• 158.25 (US$1.9 billion) Largest
• 158.30 (US$765 million)
The 157.20 strike is around 7 pips above spot, while 157.00 is around 13 pips below. The nearby 157.00–157.20 zone is therefore likely to be a focal area tomorrow as well.
Below spot, attention will turn to 156.50 and then to 156.00–156.10, where a combined US$3.8 billion in options is concentrated.
Above spot, options totalling around US$4.165 billion are clustered between 158.00 and 158.30. If USD/JPY rises towards this zone, price action there will be important.
GBP/USD
• 1.3180 (£571 million)
• 1.3200 (£871 million) Largest
• 1.3250 (£561 million)
The 1.3200 strike is around 24 pips below spot, while 1.3250 is around 26 pips above. Tomorrow, price action around these two levels will be worth watching.
If GBP/USD falls below 1.3200, 1.3180 is the next level to monitor. On a rebound, watch for the pair to approach 1.3250.
USD/CAD
• 1.4150 (US$644 million)
This strike is around 48 pips below spot, making it a level to watch if USD/CAD declines tomorrow.
AUD/USD
• 0.6940 (A$660 million)
• 0.7030 (A$542 million)
• 0.7050 (A$987 million) Largest
The 0.6940 strike is the closest, around 28 pips below spot. On a rebound, 0.7030, around 62 pips higher, and then 0.7050 will be in focus.
Overall Picture
Today, 157.00 in USD/JPY stands out because the option is both large and close to spot. The 1.3245 strike in GBP/USD is also nearby, while EUR/USD traders will be watching for a test of 1.1300.
Tomorrow, the main zones close to spot are 1.1315–1.1340 in EUR/USD, 157.00–157.20 in USD/JPY and 1.3200–1.3250 in GBP/USD.
Trading Strategy
For EUR/USD, focus on the market’s reaction if the pair approaches 1.1300 today. Tomorrow, use 1.1315 and 1.1340 as near-term reference levels.
For USD/JPY, watch for a move back towards 157.00 and whether the pair holds after moving away from that level. Tomorrow, assess a break above 157.20 separately from a break below 157.00.
For GBP/USD, monitor the reaction to a rebound towards 1.3245 today. Tomorrow, watch which side of the 1.3200–1.3250 range the pair holds or breaks.
Option size alone does not determine support, resistance or market direction. The actual price reaction as each level is approached remains key.
