Don't use ODBC - use the native DB2 drivers for much better compatibility.
Other than that, make sure that the connection pool that's been created automagically for you when you did the Import Metadata step is setup correctly - i.e. has a DSN and username configured.
I tried Connection Type DB2 CLI (Unicode) I get an error message: The connection has failed.
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OK, so fix your DB2 client installation. Using ODBC is not the right way to connect to DB2. Have a look in the AdminTool log file to see more information about the error you got.
I don't have DB2 client. I'm using DB2 Native driver 9.7.