I was writing an idea that maybe what should be analysed is the change in the rate of change of each currency.
1) Rate of change in quotes in every pair since week / month beginning is measured.
2) Rate of change in quotes in every pair since beginning of day is measured.
The difference in this change is then compared for strongest and weakest currencies, of which these 2 currencies (that single pair) are then considered as the dominant pair.
So a pair that goes strongly long to strongly short or vice versa is likely to produce a dominant result.... OR
The pair that continues strongly long may be the dominant result.
What this may result in is... The pair that may be zero movement over the weak is actually the pair that is going through the biggest turn around and is then easily identified.
This indicator link from Hanover does ALMOST exactly that (points 1 and 2 above) and is known as Relative Strength.ex4. However instead of having a fixed point of time to start the Relative Strength.ex4 indicator has a fixed timeframe. Maybe if Hanover could allow his code to be given to other coders than we could get somewhere with a fixed starting point instead of timeframe. We would have to ask very nicely as he is a commercial member.