There are hundreds of currencies in the world, and each has a symbol of three letters. US dollars is USD, euros is EUR, Swiss franc is CHF, British pounds is GBP and this applies to all currencies.
Currency is divided into two main types: large and small currencies. The major currencies are derived from the most powerful economies in the world – the United States, Japan, the United Kingdom, the Eurozone, Canada, Australia, Switzerland and New Zealand. Together with other currencies they form currency pairs.
There are three types of Forex pairs: large currency pairs, small currency pairs and exotic currency pairs. The large pairs always contain USD, and are the most traded pairs. The seven large pairs are: EURUSD, USDJPY, GBPUSD, USDCAD, USDCHF, AUDUSD and NZDUSD. In the small pairs, the large pairs are traded with one another, without USD. This can be, for example, EURGBP, CHFJPY or any other combination. The exotic pairs have one major currency and one small currency, such as EURTRY, USDNOK and many others.