The DXY (U.S. Dollar Index) appears bearish on the 4-hour chart,
The DXY (U.S. Dollar Index) appears bearish on the 4-hour chart, currently trading downward within a channel. The recent rejection near 106.750 has reinforced resistance, and the price is trending lower, nearing 105.650, which aligns with key support levels.
If this bearish momentum continues, the index could aim for stronger support zones, such as 105.500 or below, with the potential for further declines. Breaking these levels may trigger more selling pressure. On the other hand, a rebound from support could temporarily stall the bearish trend.
Monitoring volumes and macroeconomic catalysts, like interest rate decisions or major economic data, will be crucial for confirming the next direction.
If this bearish momentum continues, the index could aim for stronger support zones, such as 105.500 or below, with the potential for further declines. Breaking these levels may trigger more selling pressure. On the other hand, a rebound from support could temporarily stall the bearish trend.
Monitoring volumes and macroeconomic catalysts, like interest rate decisions or major economic data, will be crucial for confirming the next direction.
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