FX.co ★ DXY, H4 | Within the Bearish Channel ?

The DXY (US Dollar Index) chart shows a bearish momentum with two key factors supporting this view: the price is currently below the bearish Ichimoku cloud, indicating a bearish sentiment, and it is moving within a bearish channel, implying continued downward movement due to prevailing bearish momentum. Potential price action suggests a possible bearish reaction at the first resistance level (102.70), characterized as an overlap resistance, followed by a drop towards the first support level (101.69). The first support level is significant, being an overlap support reinforced by Fibonacci indicators, while the second support level (101.00) acts as a multi-swing low support. On the resistance side, the first resistance (102.70) and the second resistance (103.33) are both overlap resistances that add weight to their significance in potentially impeding upward price movement.