Each quote consists of 2 numbers, e.g. the currency pair US dollar/Swiss franc is designated as USD/CHF 1.6217/1.6222. The first number is called the bid and it stands for the market’s willingness to buy US dollars for Swiss francs at the given price (rate). The second number is called the ask or offer and it stands for the market’s willingness to sells US dollars against Swiss francs at the given price (rate). This example shows that the market is ready to buy (bid) US dollars by paying 1.6217 francs for each dollar, or sell (ask) US dollars for 1.6222 francs. The trader who enters this deal in the market perceives the situation as opposite – s/he sells the US dollars (base currency) at the broker’s bid price and buys dollars at the market ask price.
