US Dollar Price Analysis: Bears in control and eye downside continuation

• DXY bears are in the market and there are prospects of a daily continuation.
• The weekly neckline would hold up as support. 

The US Dollar index, DXY,  on Wednesday, fell from 102.70 to a low of 102.022 towards last week’s 5-week low while the Fed remains on pause for the time being and over fears of a hard landing. The following illustrates the technical structure o the market and arrives at a bearish bias as follows:

DXY weekly chart

The bears need to get below the 78.6% while it moves in on the neckline of the W-formation. 

The daily chart shows that the price is on the verge of a downside correction after meeting resistance on the correction in the Fibonacci scale.