FX Options Overview
October 19, 2026
Spot Rates at the Time of Publication
EUR/USD 1.1230
USD/JPY 158.06
GBP/USD 1.3333
USD/CHF 0.8243
USD/CAD 1.4121
AUD/USD 0.6974
NZD/USD 0.5659
EUR/GBP 0.8422
Today — October 19
EUR/USD
1.1175 — EUR 547 million
1.1180 — EUR 640 million
1.1200 — EUR 1.50 billion
1.1225 — EUR 671 million
1.1260 — EUR 812 million
1.1265 — EUR 840 million
1.1280 — EUR 672 million
1.1300 — EUR 2.10 billion (largest)
Current spot: 1.1230
The nearest strike is 1.1225, about 5 pips below spot. This is the first level to watch for an immediate market reaction.
At 1.1200, about 30 pips below spot, there is EUR 1.50 billion in options. This is an important level for today. If the pair declines, monitor its approach and whether price consolidates there into the New York cut.
If EUR/USD breaks below 1.1200 and fails to recover, the next references are 1.1180, about 50 pips lower, and then 1.1175.
Above spot, strikes at 1.1260 and 1.1265 form a zone totaling EUR 1.652 billion, about 30–35 pips higher. On a rebound, watch whether the pair can extend its gains through this zone or is pushed back.
The largest expiry, at 1.1300, is about 70 pips above spot. For now, the closer strikes take priority.
USD/JPY
157.15 — USD 554 million
Current spot: 158.06
The 157.15 strike is about 91 pips below spot. Its direct influence near current levels is limited, but it may become a reference if the pair falls further.
Do not assume the options positioning alone implies a decline toward 157.15; give priority to the direction of price action.
GBP/USD
1.3435 — GBP 550 million
Current spot: 1.3333
The 1.3435 strike is about 102 pips above spot. It is distant from the current rate and is best treated as a reference if the pair rebounds substantially.
USD/CHF
0.8300 — USD 1.00 billion
Current spot: 0.8243
The 0.8300 strike is about 57 pips above spot. Although the notional amount is USD 1 billion, its direct influence near the current rate is limited.
If the pair rebounds, watch its approach to 0.8300 and the reaction there.
USD/CAD
1.4165 — USD 749 million
Current spot: 1.4121
The 1.4165 strike is about 44 pips above spot. It is a level to monitor on a rebound, although the positioning is not especially close enough to strongly attract the current rate.
If USD/CAD approaches the strike, watch whether it breaks above and holds or is pushed back.
AUD/USD
0.6950 — AUD 610 million
0.6970 — AUD 757 million
0.6975 — AUD 961 million (largest)
0.7010 — AUD 508 million
Current spot: 0.6974
The 0.6970 strike is about 4 pips below spot, while the largest expiry at 0.6975 is about 1 pip above. Both are extremely close to the current rate.
Together, these strikes total AUD 1.718 billion, forming a short-term zone to watch. Monitor whether the pair consolidates around this area into the New York cut or moves away from it.
Below spot, 0.6950 is about 24 pips lower. It is the next reference if AUD/USD breaks below 0.6970 and cannot recover.
Above spot, 0.7010 is about 36 pips higher. Watch this level if the pair breaks above 0.6975 and continues to rise.
Other Currency Pairs
No notable option expiries are listed for NZD/USD or EUR/GBP today.
Next Business Day — October 20
Distances below are measured from the spot rates listed above.
EUR/USD
1.1250 — EUR 782 million
1.1265 — EUR 4.10 billion (largest)
1.1275 — EUR 523 million
The nearest strike, 1.1250, is about 20 pips above spot and is the first level to watch on a rebound.
The largest expiry is at 1.1265, with EUR 4.10 billion, about 35 pips above spot. Given its size, if EUR/USD rises toward it, monitor whether price is drawn toward the level or consolidates near it into the New York cut.
The 1.1275 strike is about 45 pips above spot. First watch whether the pair can move above 1.1250 and hold, then whether it approaches 1.1265.
USD/JPY
157.00 — USD 503 million
158.00 — USD 686 million
159.00 — USD 1.10 billion (largest)
The nearest strike is 158.00, about 6 pips below spot. If the rate remains around current levels into the next business day, this is the first level to watch.
Monitor whether USD/JPY consolidates around 158.00 or breaks below and then recovers.
The largest expiry at 159.00 is about 94 pips above spot, while 157.00 is about 106 pips below. The nearer 158.00 strike takes priority in the short term.
USD/CHF
0.8325 — USD 809 million
The 0.8325 strike is about 82 pips above spot. Its direct influence near current levels is limited; consider it a reference if the pair rebounds.
USD/CAD
1.4200 — USD 707 million
The 1.4200 strike is about 79 pips above spot. It is some distance away and is best treated as a reference if the pair continues to recover.
EUR/GBP
0.8600 — EUR 963 million
The 0.8600 strike is about 178 pips above spot. Its direct influence near the current rate is limited; watch it if the pair rebounds substantially.
Other Currency Pairs
No notable option expiries are listed for GBP/USD, AUD/USD, or NZD/USD on the next business day.
Overall Picture
Today, EUR/USD 1.1200 is an important level if the pair declines. First monitor the reaction near 1.1225, the strike closest to spot; if selling continues, watch for an approach to 1.1200.
AUD/USD has a total of AUD 1.718 billion at 0.6970–0.6975, bracketing the current rate. Watch for short-term consolidation and whether a move away from this zone can persist.
For the next business day, EUR/USD 1.1265 has EUR 4.10 billion in options. Its importance will depend partly on how far the pair rebounds today.
USD/JPY 158.00 is close to the current rate for the next business day and is the first level to assess.
Trading Strategy
EUR/USD: On the downside, watch the reaction at 1.1225 and then 1.1200. On a rebound, monitor 1.1260–1.1265. For the next business day, focus on the approach to 1.1265 and price action around this large expiry.
AUD/USD: Focus on 0.6970–0.6975. Watch whether the pair consolidates in this zone or moves away. If it continues lower, 0.6950 is the next reference; if it continues higher, watch 0.7010.
USD/JPY: Today’s option data offers limited guidance, so prioritize price direction. For the next business day, watch whether the pair holds 158.00 or can recover after a break below.
USD/CAD: Today, monitor 1.4165 on a rebound and whether the pair can break above and hold. The next business day’s 1.4200 becomes relevant if the recovery extends.
