All forex trading deals with currency from different countries in relation to each other. So, every forex chart will be labeled with a currency pair: USD/GBP, EUR/USD, etc. The USD/CHF chart, for example, tells you how the U.S. Dollar and the Swiss Franc compare.
At the bottom of the chart is the time line, it can be 15 minutes, an hour, a day, a week, or some other period. On the right-hand side are incremental amounts. For the USD/CHF chart, the amounts might be 1.0000 at the bottom, going up to 1.2300 at the top. And at the middle of the chart shows what position the currency pair held regardless the time.
The forex chart is very useful because it shows how a currency pair is doing in form of graphic. By select the time frame helps you see very minor trends (in a 15-minute period) or at longer period (over the course of several days, perhaps). You can see whether a currency is getting stronger or weaker, and you can act accordingly.
Forex chart can be found on web sites all over the Internet, from forex brokers, tutors, and on other forex-related sites. But to be a serious trader, you need to have access to charts much more readily, without having to go to a web site. That’s why trading software gives you forex charts, too and you need to have broadband Internet so you can be “always connected”. Obviously, if you’re going to be trading, you need to have convenient access to the very latest charts.
There are too many possible currency pairs for you to keep track from dozens of world currencies. Forex charts show at a glance what any currency pair is up to, and good software allows you to save multiple charts as “favorites.” Of course you’ll want to monitor the charts representing currencies you’ve already traded, and it’s smart to have a few additional ones saved, too, so you can watch for trends in currencies you haven’t traded yet. You never know when a lucrative new opportunity is going to be revealed.