While the foreign exchange markets have no fixed open, nor close, being fragmented between banks, brokers, electronic trading platforms and time zones, they too still display very predictable behaviour. 

I have never seen similar analysis done on the foreign exchange markets before, nor seen a strategy published before to exploit the phenomenon. 

This is probably because it is impossible to get accurate, historic, or real-time volume data for foreign exchange.  However, it is possible to sample the market and compare the findings with other known volume information, to determine the volume profile for foreign exchange:

The EBS (Electronic Broking Service) trading platform is the largest liquidity provider and we can compare this to data also kindly provided by Barclays, from their BARX trading platform.  The first two graphs below show the percentage of daily volume traded for each hour of the day, for the major currency pairs.



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