Dollar Support Holds as CPI and Fed Meeting Loom

The US dollar has maintained its support level for four consecutive weeks, and this stability will be put to the test in the coming days. The consumer price index (CPI) data is set to be released, followed by the Federal Reserve meeting. According to Michael Boutros, Senior Market Analyst at StoneX Media, the dollar's position across various time frames is crucial to understand its future direction.

The monthly opening range for the US dollar index is still taking shape above a key support level, and the 52-week moving average has been a point of reference for several weeks. The multi-week downtrend remains intact as long as this support zone holds on a closing basis.