Forex trends: Most of Asian currencies gained ground against the US currency

Thursday’s early Asian session revealed most Southeast Asian currencies became stronger against the US currency as they jumped to new multi-week highs following the U.S. Federal Reserve's decision to buy more government debt as a way to relieve a global recession.

Thereby the Taiwan dollar strengthened against the US dollar to 33.7670 against Wednesday’s close at 34.1820 setting the highest point for this currency since February 09. The next target level for TWD/USD is seen as 33.5.

In Asian deals on Thursday the Chinese yuan gained ground against the US dollar and climbed to a 24-day high of 6.8304 at 11:55 pm ET. Then CNY lost ground but rebounded shortly and it is currently trading at 6.8340 against USD, compared to Wednesday's close rate of 6.8358. In case CNY continues to strengthen it’s likely to find resistance around the 6.826 level. The People's Bank of China on Thursday has set central parity rate at 6.8301 level for CNY/USD pair thus it is allowed to strengthen or weaken 0.5% from the parity rate.

The Thai baht rose and reached its highest level in more than 3-weeks against the US dollar. The THB/USD pair that closed Wednesday's New York deals at 35.7650 is currently trading at 35.60. The next upside target level for the THB is seen around 35.55 volume.

During early Asian trading on Thursday the Malaysian ringgit climbed to a 22-day high of 3.645 against the US dollar compared with Wednesday close value at 3.685. MYR/USD rally next target is seen at 3.63 level.

The Indian rupee, that closed yesterday’s North American session at 51.16 against US currency, increased its value to a 17-day high and achieved 50.76 volume. The next upside target seen for INR/USD pair is 50.5.

The South Korean won jumped to 1376.85 level against the US dollar at 12:25 am ET Thursday against Wednesday’s close at 1420.10, setting the highest point for KRW since February 10, 2009. And the next target level for KRW/USD pair is seen as 1365.8.  

However some Asian currencies weakened during the Asian deals on Thursday. Thus the Singapore dollar shrunk to 1.5201 against the US dollar, compared to Wednesday’s final volume of 1.5146. The next downside target level for the SGD/USD pair is seen at 1.529. 

HKD/USD rally was hesitating between 7.7517 and 7.753 during early Thursday’s deals, having Wednesday trading closed at 7.7527. The next downside and upside target levels for the pair are seen around 7.7512 and 7.755 respectively.