Forex beginners typically feel not difficult to find the most popular currency pairs after knowing the most popular currencies. How hard is it to do a combination of every two currencies? Actually, almost every Forex trading Platform should provide the below product.
EUR/USD Euro-US dollar
USD/JPY US dollar-Japanese Yen
GBP/USD Great Britain pound-US dollar
USD/CHF US dollar-Swiss franc
AUD/USD Australian dollar- US dollar
USD/CAD US dollar-Canadian dollar
NZD/USD New Zealand dollar- US dollar
EUR/JPY Euro-Japanese Yen
EUR/GBP Euro-Great Britain pound
GBP/CHF Great Britain pound-Swiss franc
EUR/USD Euro-Australian dollar
However, Forex beginners do discover one important question after coming up with the above list. Why the same currency takes different position in different currency pairs. For example, why US dollars appears to be on the left of the slash in USD/JPY, but on the right of the slash in EUR/JPY?
The first member in the currency pair is called base currency; the second member is called quote currency. While the task to determine the order in each currency pair is the job of International Standards Organization. The task of Forex traders is to recognize what is the chart pattern for strengthening base currency and what is not. Below is the daily chart pattern of USD/CHF. Apparently the currency pair was falling, meaning that the base currency USD was falling against the quote currency CHF. In other words, Forex traders can interpret from the graph that the CHF was up trending against USD.
If you are interested in this article .please reference to http://www.ikonfx.com/forexblog/forex-for-beginners-base-currencies-and-quote-currencies/
