CADCHF: Trend Continues Below Daily Level

CADCHF is beginning to show confluence, which gives me an opportunity to frame my entry opportunity. Here are the key observations across the daily and H1 timeframes.

Daily Timeframe:

1. Price made a strong break below the HTL and is holding below it.
   
2. Although two bullish bar formed, they did not engulf the previous bearish bar, which is a good indication that buying strengh just isn't there.
   

H1 Timeframe:

1. There's quite a bit of confluence on the H1 timeframe with the first being price entering and exiting the potential supply zone.
   
2. In addition, price is about to cross below the ATL, which is another sign that the counter-trend move is ending.
   
3. Finally, there's confluence with the moving averages where EMA20 is crossing below EMA60; price is also beginning to cross below EMA20.