CADCHF - Watching the 0.5810 Level for Direction

Been looking at $CADCHF a bit more closely recently, and it's hanging around that 0.5810 level, having kissed 0.58107 earlier today. It seems to be building a bit of a coil here. For me, if we can get a sustained push above 0.5810, maybe even a daily close comfortably north of that, it suggests there's some underlying strength trying to assert itself after the recent downtrend. However, the flip side is equally compelling; a strong rejection from this area, perhaps a swift move back down towards 0.5799, would tell me the sellers are still very much in control and the prior move up was just a dead cat bounce looking for liquidity. The risk to any bullish scenario here is clearly a failure to hold above 0.5810; if it breaks down decisively, I'd have to reconsider any upside potential pretty quickly. It's always a fun game trying to figure out which side is loading up.