I have developed an Excel sheet to analyse the strength of major currencies (Strong Vs. Weak). It is still in testing mode. However, today, I tried to test the result of my analysis’s sheet.
Here is the screenshot of my XL sheet:
The USD is the strongest currency (100% positive) and the CHF & AUD are the weakest currencies (83% negative) on the basis of Daily timeframe prepared at 7.00 AM GMT.
So, I Bought 0.50 Lots of USDCHF @ 0.99403 (Purple line). I placed my SL at 0.98944 (Red line) in between the Support Area (Black Dotted Lines) showing in the following charts. Later-on, I re-adjusted my SL to break even. My TP is set to 1.00015 (Magenta line) just below the previous swing high.(1.00170).
Here is my today’s trade snapshot for your review:
Daily TF chart
4H TF chart
Snapshot of my MT4 Terminal along with details of my Open Position
P.S: THE AUDUSD has also broken the Support Area and trading below it at 0.74789.
I welcome your views/comments on the result of my XL sheet. I would also appreciate your suggestions for further improvement of the said sheet.