Currency Exchange Quotations are bid and ask rates at which a market-maker will buy or sell the base currency against another currency.

Example: USD/CHF 1.7247/49
The currencies involved:
USD: Base currency
CHF: Quote or Counter currency

The Big Figure: this part is usually not quoted by dealers. The Big Figure is only mentioned to confirm the trade. In this example, the Big Figure is 2.
Pip: the smallest increment a price moves. Pips are also known as points.
The Spread: is the variable unit difference between the Bid and Ask prices. In this case, the spread is 2 pips.
Bid: is the price at which the market-maker is prepared to buy the base currency.
Ask: is the price at which the market-maker is prepared to sell the base currency.