This paper investigates the radar Ambiguity Function (AF) properties of Constant Envelope Orthogonal Frequency Division Multiplexing (CE-OFDM) waveforms employing Phase-Shift Keying (PSK). The CE-OFDM is in fact a special case of the Multi-Tone Sinusoidal Frequency Modulated (MTSFM) waveform which allows for applying many of the same mathematical techniques of the MTSFM model to the CE-OFDM model. This results in novel compact closed-form expressions for the spectrum, AF, and Auto-Correlation Function (ACF) of the CE-OFDM waveform. The mainlobe structure of the CE-OFDM's AF is characterized by the Ellipse of Ambigiuity (EOA) model. This produces precise closed-form expressions for the CE-OFDM's Root-Mean Square (RMS) bandwidth and the degree of range-Doppler coupling present in the waveform's AF mainlobe. These expressions show that a CE-OFDM waveform employing PSK as the symbol encoding scheme will possess a fixed RMS bandwidth for fixed modulation index $h$ and number of sub-carriers $L$. Additionally, we show that the EOA model predicts that a CE-OFDM waveform employing PSK encoding will almost always possess a ``Thumbtack-Like'' AF shape.