The first currency quoted in a currency pair on forex. I forex pair ichaze. A currency pair is the quotation of one currency against the other. A forex quote always consists of two currencies, a currency pair consisting of a base currency and a quote currency ( sometimes called the. It is also typically considered the domestic currency or accounting currency. These pairs and their combinations ( EUR/ JPY. In foreign exchange market, synthetic currency pair or synthetic cross currency pair is an artificial currency pair which generally is not available in market but one. The majors and the commodity pairs are the most liquid and most widely traded currency pairs in the forex market.