The SNB surprised with 2 announcements:1) It cut the Libor rate from the range (0, 0.25%) to the range (-0.75%, -0.25%). 2) It gave up trying to support the EUR/CHF floor at 1.20. The announcement about not support the floor shook up the markets. This opened up the flood gate for CHF bids and EUR sells. The next chain of reaction was on the USD. There was a flow out of the USD into the CHF.With the USD falling, we saw some strength in commodities and commodities currencies. Gold and Oil for example rallied. (gold 4h chart 1/15)Gold rallied for the 5th day in a row, continuing a short-term bullish market in 2015. It is now testing a previous resistance pivot around 1255. If price can break this level and hold above 1235-1240, there is more upside in the short-term. However, we have to respect the downtrend in 2014 if gold rallies to 1275 where it will meet a support/resistance area and a falling trendline. WTI Crude Oil had an initial bullish reaction, but has retreated during the 1/15 US session. (WTI Crude Oil 4H chart 1/15) We saw a bit of a rebound after price fell at the beginning of the week. After the SNB surprise, WTI rallied above a falling speedline and above the 50-handle, only to be sold around 51.00. It is now back below 50, and even below 49 as we get into the US session. A break below 47.00 should be a sign of bearish continuation after a failed bullish correction signal.