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U.S. 10-Year Yield May Rise to 9-Month High: Technical Analysis

Treasury 10-year note yields may advance to a nine-month high of 2 percent after failing to drop below a key technical level, Credit Suisse Group AG said, citing trading patterns.

A resistance level of 1.8 percent held yesterday, and the yield on the benchmark note increased to 1.91 percent. It now may rise further, according to Christopher Hine, vice president of technical analysis at Credit Suisse Securities.

“We are look for 10-year bonds to push on to test 1.97 next and eventually to test better support at 2 to 2.02,” London-based Hine said via e-mail.

The 10-year yield increased seven basis points, or 0.07 percentage point, to 1.92 percent at 10:26 a.m. in New York after reaching 1.8039 percent yesterday. The yield last touched 2 percent on April 25.

In technical analysis, investors and analysts study charts of trading patterns to forecast changes in a security, commodity, currency or index. Resistance is an area on a price graph where technical analysts anticipate sell orders to be clustered.

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