The Swiss National Bank (SNB) had an emergency meeting today after which it announced cutting its libor rate to the -0.25% to -0.75% range. It also announced that it was going to give up support the 1.20 floor for EUR/CHF. A negative interest rate might be a negative for the currency, but the key announcement was the bank no longer intervening by buying EUR/CHF. The obvious reaction here was a collapse of the EUR/CHF which has been waiting at the floodgate of 1.20 for a while now. Let's take a look at the some reactions in the forex markets: EUR/CHF Daily Chart 1/15 EUR/USD 4H Chart 1/15 USD/CHF 4H Chart 1/15 USDX 4H Chart 1/15 Gold 4H Chart 1/15 The EUR/CHF collapsed below 1.20 and is showing different lows in different retail platforms. It has rebounded back above parity level, and might stay above it for now in the short-term.The EUR/USD continued its decline. Without the SNB intervening and buying the euro, it lost another factor of support. With QE looming, the euro continues to slide.USD/CHF collapsed as well. The greenback competes for save haven flow against the CHF, and now that the cap on CHF is abandoned, the flow from USD to CHF surged.The USDX had a shaky reaction. It initially pushed up above the week-long resistance at 92.52 but retreated sharply and broke below the week-long consolidation support near 91.70. It looks like it is topping and going into at least a short-term consolidation mode. Finally, gold (XAU/USD) also continued to rally for the 5th day in a row, helped by flow out of the US Dollar. Now around 1255, it has reached its first key resistance. If it is still bullish, it should find support around 1234-1240 and continue the climb towards the next key area around 1275, which would represent a support/resistance are and a falling trendline.