Fundamental analysis can be used to identify low volatility markets by analyzing the economic factors that affect currency pairs. Some of the factors that can contribute to low volatility include stable economic growth, low inflation rates, and stable monetary policies.

For example, if a country has a stable economic growth rate with low inflation and an independent central bank that maintains a stable monetary policy, its currency may experience low volatility compared to other currencies with less stable economic conditions. Similarly, countries that are heavily reliant on commodity exports may experience high volatility due to fluctuations in commodity prices.