DXY 1W — Bounce, or just fuel for the next bearish leg?US Dollar IndexCAPITALCOM:DXYSmellyTazDXY still looks structurally heavy on the weekly. The red bearish ABC remains the dominant map on my chart. Price is trying to lift from the lows, but unless this rebound can reclaim the nearby BC supply overhead, I’m not reading this as strength. I’m reading it as a corrective bounce inside a broader bearish sequence. The way I see it, the lower WCL zone is still the first real magnet. If that gives way with acceptance, the deeper ABC target stays very much alive. So for me, this is not a chart that has repaired itself. It is a chart trying to breathe inside damage. Macro doesn’t kill that view either. The Fed just held rates unchanged at 3.50%–3.75% and said the outlook remains uncertain, with Middle East developments and higher energy prices complicating the inflation picture. At the same time, Reuters reported the dollar index was still near the 99 handle and on track for a weekly drop even after a Friday bounce, while other major central banks sounded more hawkish. That is the kind of backdrop that can create sharp squeezes, but not necessarily a true bullish reversal. So the read is simple: Below overhead BC: strength is suspect Into WCL: major reaction zone Failure to reclaim supply: bearish continuation remains the higher-probability path Clean acceptance back above supply: bearish map starts to weaken This is not a prediction. It’s a bias map. Until DXY proves it can reclaim structure, I treat upside as retracement, not reversal. Not financial advice.