7 ways to play the drama overseas

Switzerland’s central bank’s decision to drop a three-year-old cap on the Swiss franc against the euro spurred a currency frenzy on Thursday. The franc floated more than 25 percent against the dollar and jumped as much as 30 percent against the euro at points in the day’s trading.

The move set off the potential for a variety of profitable plays, ranging from commodities to global stocks and exchange-traded funds. For CNBC “Fast Money” trader Tim Seymour, the “seismic” currency event immediately signaled a boost for gold (CEC:Commodities Exchange Centre: @GC.1).

“Gold has been starting to break out. This pushed gold through key levels,” Seymour said.

The metal ended at a four-month high, above $ 1,260 on Thursday. Traders Brian Kelly and Guy Adami agreed that it could spring even higher.

Read More What the Swiss franc shock means for markets

The SPDR Gold Trust (NYSE Arca: GLD), a gold-linked ETF, catches Kelly’s eye if gold continues to climb higher amid currency uncertainty. A boost to gold could also prove lucrative for miners, and Adami sees the Market Vectors Gold Miners ETF (NYSE Arca: GDX) shining after the Swiss National Bank’s move.

“I think the GDX has a lot of room on the upside here,” Adami said.

Funds without significant gold exposure could also see a boost from Switzerland’s move. The dollar could weaken in the short-term, and buying into the PowerShares DB US Dollar Index Fund (NYSE Arca: UDN) is a method to short the currency.

Read More A Swiss bombshell: Why the franc soared 30%

Seymour also looked to an index linked to the German DAX (^GDAXI), which has proved one of the strongest global markets this year. Playing into the iShares MSCI Germany ETF (NYSE Arca: EWG), while simultaneously neutralizing currency exposure by shorting the Guggenheim CurrencyShares Euro Trust (NYSE Arca: FXE), would account to a long DAX play in the wake of the Swiss decision.

Trader Steve Grasso looked at a short-term move in the ProShares UltraShort Oil and Gas (NYSE Arca: DUG).

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