7 ways to play the Swiss franc fallout

The Swiss National Bank's decision to remove its peg of the Swiss franc's value to the euro disrupted markets for a second day on Friday. Among the biggest losers was retail foreign exchange broker FXCM, which took huge losses before Leucadia National gave it a $300 million bailout on Friday afternoon.

Effects continue to pop up around the globe, and CNBC's "Fast Money" traders looked at how to play the ongoing uncertainty. Trader Brian Kelly set his sights on the next big currency move, which he believes could be the devaluation of the Chinese yuan.

Read MoreLeucadia to provide $300M in financing to FXCM

The yuan has started to move lower against the dollar, and the falling currency could provide a short move, he argued.

"To boost exports, they are going to need a weaker currency, and they're already starting to do it," Kelly said.

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For the second straight day, gold's reaction to global events caught trader Guy Adami's eye. Gold, which ended at $1,276 on Friday, should continue to surge in the wake of the Swiss central bank's decision.

"I think the gold market wants to go higher. I think there's definitely a blue sky there," Adami said.

Read MoreSwiss shock no 'game changer' for gold?

A rise in gold should prove a boon to gold miners, Adami said. He continues to tout the Market Vectors Gold Miners ETF, which jumped more than 3 percent on Friday.

The wider commodities market should also climb from its current point, trader Tim Seymour said. He pointed to the Commodity Research Bureau Index, which he believes has hit a key level that signals commodities have neared a bottom.

"People are missing the fact that demand does increase, even though this has been a supply event. I think commodities are going higher," Seymour said.

Read MoreWhy commodities are taking a beating again

With some potential promise in commodities and construction, Caterpillar has room to rebound on the upside, the traders said. The stock has fallen about 8 percent in the last year.

"No way would I be shorting Caterpillar here. Actually, it's a place you might be taking a look," Seymour said.

Trader disclosure: On January 16, 2015, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Tim Seymour is long AAPL, BAC, C, DIS, F, GE, GM, GOOGL, INTC, BX, SUNE, Tim's firm is long BABA, BIDU, CCU, DSKY, KNDI, MCD, NKE, NOK, PBR, SINA, TSL, VIP. Brian Kelly is long BBRY calls, BTC=, CTRL calls, GCG5, HYG puts, Yen, TWTR call spreads, he is short EWA, EWG, EWQ, EWZ, EWH, EWW, US Dollar, Yuan, HGH5, today he bought GCG5, today he sold TLT, ZBH15, ZBH, today he covered his short in ESH5. Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck. Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MBLY, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR, YHOO, his kids are long EFG, EFA, EWJ, IJR, SPY his firm is long APA, APC, DHI, DNR, OXY, MTH.