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Hey folks! If you’re wanting to sling some cash around abroad or start scrapping with a Forex dealer, you gotta start learning how to read historical currency exchange charts. Lucky for you, there are a ton of free and paid Forex chart websites out there for you to peruse, my friends. Now, real time Forex charts are meant for the professionals, but if you’re just looking for some stats, delayed quotes or yesterday’s central bank fixing should do the trick.

Now, if you want to figure out the cost and value of your money transfer, you just need a basic chart that shows the currency rate movement history. Plenty of trustworthy websites offer this kind of information, from business news agencies to the big Forex dealers to the top travel agencies! Of course, it never hurts to ask your sweet personal Forex broker for the deets, as they can usually provide you with more specifics like fees and taxes, ya know?

Now, let’s chat about these chart thingies. A history chart shows you how a currency measures up against another one. First off, choose the currency pair you’re interested in. Fair warning: the order of appearance of the currencies in the currency pair will totally sway your results when inverted, so don’t forget that. For example, looking at EUR/GBP will tell you how much one Euro cost in Pounds Sterling, but if you flip the script and look at GBP/EUR, you’re gonna see how much one Pound Sterling costs in Euro.

Now, most peeps don’t need crazy specialized candlestick charts (what even are those, am I right?), a basic line chart is just fine. The line chart will tell you how currency rates fluctuated during a specific period, like a year. You can choose not only the overall period you want to observe, but also the time intervals. If you’ve gotta study periods between several months and a year, go with daily intervals. Easy peasy, y’all.

Listen up, you don’t need any other special schmeckles unless you want to go pro with this Forex stuff. The chart will give you a general idea of where your home currency is heading compared to another currency. Just eyeball that high and low for the momentum and trend direction. And that’s gonna set you up for an estimate of the exchange rate in the near future! Don’t even worry about thoroughly combing through the historical movement of currency rates that you care about. That’s a complex skill that takes forever to develop. Just get friendly with the basic currency charts that outline the major trends in a currency pair’s movement! Or, you know, get a top-notch currency specialist to spill the tea for ya.

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Ihab Salloum