I have to admit that I might have been a bit stubborn, or maybe just bone-headed, for not making the call to at least move your buy limit up to yesterday's New York low of 1.2530 area. We missed our 1.2525 long entry by just a few pips again, and saw EUR/USD swiftly move 110+ points higher in less than hour. Seriously though, our analysis was strong as we picked the bottom of a 400-point decline to within 10 points, stuck our bids in, and just came up a bit short. What's reassuring about this is that we were on the side of the big, smart money. Trading with the big players mean you see hard and fast market moves with instant gratification, not slow, bore-you-to-tears grinders. So now the only thing left to do? Move on to the next trade.

I'm liking the DXC at 85.75 for a short-term, tradable bounce. Coinciding with that level is USD/JPY against Fib and channel support at 114.25. Let's look to get long USD/JPY at 114.25 with stops below the figure for an intra-day move back up to the CPI breakdown point of 114.75, and nothing more. This is just a short-term scalp. EUR/JPY has suddenly gotten strong and while playing dollars higher, better to be short yen rather than euros, as the EUR/JPY trend accelerates yen selling.

The CPI was stronger than expected now making a June 29 hike almost a certainty. Why then the dollar weakness following the release? Many traders were betting the Fed's summer vacation hadn't yet started, and when CPI indicated a June hike most likely, they took profits on long-dollar trades into the news after buying the rumor.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.