This has got to be one of the most range-bound, whippy, volatile markets I have seen in some time. I love it and I'll tell you why in just a second. We came into this morning's CPI long and strong USD/CHF after being filled at 1.2455 on yesterday's FOMC minutes reaction low. We carried it overnight in the 1.2465-85 range, and then watched CPI bring price all the way down to the1.24440 low. Keep in mind we're taking our signals from the1.0 projection at 1.2445, as compared to the previous down leg, so your stop should have definitely allowed for at least that much wiggle room. Price has since reversed all the way back to last night's range highs and is consolidating heading into the New York afternoon.

The reason I that love this wild range action is the same thing I've been saying for the last 48 hours. Dollar bulls and bears are slugging it out within these tight ranges. Just take a look at some of the long candlestick tails in the chart below. The battle is underway and the last team standing will be the winner, and the winner could run with the ball for a while. Right now our money is on the dollar bulls and will do our best to stay involved until the victor is crowned.

We are watching EUR/USD at the 1.2800, and still target Tuesday night's Y wave projected low at 1.2760.

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

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