Investors grew more bearish on most emerging Asian currencies in the last two weeks as the European crisis intensified, a Reuters poll showed late on Wednesday. Some short-term players such as interbank speculators bought the regional units on dips on caution over further dollar-selling intervention by central banks, but most investors were looking to sell them on rallies. "If investors lose confidence even in Germany, that means Europe is going to crash and burn. In such case, it is hard to buy risk here," said a European bank dealer in Singapore. The dealer said some players would be "stamped out" if the euro zone's situation gets worse as they had built up short dollar positions on hopes for improvement. On Wednesday, Germany's bond sale had one of the worst results since the launch of the euro, raising concern about the price Berlin may pay for its role as paymaster to a region racked by a crisis that has toppled governments in Greece and Italy. That pushed down the euro and other emerging currencies such as the Mexican peso. "The Bund auction wasn't entirely 'disastrous', reflecting probably more thin liquidity across market and the fact that bunds are already rich in general. Nevertheless, the market wants the peripheral-to-core theme to play out," said Andy Ji, Asian currency strategist for Commonwealth Bank of Australia in Singapore. "From a positioning perspective, more longs could be added back here, which means more upside in USD/AxJ in the short-term. I wouldn't mind adding a few USD longs before the speculative accounts here." WON Offshore names lifted dollar/won to 1,161.5, the highest since Oct 14, while South Korean exporters limited its rises amid caution over possible dollar-selling intervention by FX authorities, dealers said. Players also held long positions, capping the pair's upside, they added. Some said offshore funds' demand was not that strong. Still, the pair has room to rise more, probably to 1,164.0, the 61.8 percent Fibonacci retracement of its October slide as it cleared the 50.0 percent retracement at 1,150.7 on Wednesday. "USD/KRW has firm upside momentum now, although we may see some daily corrections. We may see 1,200 without intervention," said a European bank dealer in Seoul. RUPIAH Dollar/rupiah's 14-day Relative Strength Index (RSI) broke through the threshold 70, indicating the pair is in overbought territory. The RSI rose to 76.44, the highest since September 26, while dollar/rupiah gained 1.2 percent to 9,150 on continuous short-covering by real money accounts. The central bank was spotted selling the pair from 9,070, dealers said. Dollar/rupiah is expected to rise further, but not as fast as it advanced in September when foreign investors pulled money out of Indonesian government bonds, a Jakarta-based dealer said. "No panic. But I think it will go higher each day," the trader said, adding one-month dollar/rupiah non-deliverable forward (NDF) stayed well below highs hit back in September. One-month dollar/rupiah NDF edged up to 9,300, but that is much lower than September's high of 9,600. "The market is not conducive for risk assets. So it is normal to see it higher, just like other Asian (currencies)," the trader added. PHILIPPINE PESO Dollar/Philippine peso gapped up, but interbank speculators booked profits forcing it to give up part of intraday gains. Real money funds and corporates also unloaded the pair. "I prefer to sell on rallies until that 43.70 is broken," said a European bank dealer in Manila, referring to the previous high, although market is risk-off mode and the pair may head to 43.80 and 44.00 technically. Dollar/peso has the 76.4 percent retracement at 43.82 of its October slide. RINGGIT Dollar/ringgit hit a seven-week high of 3.1980 as interbank speculators bought it. Some dealer said the central bank was spotted selling the pair from the session high to cap its rises, while others said they have not seen such intervention. "All are trying to long around 3.1850-60 in case of the euro's further slide. The euro will gradually fall, probably by 200 pips per week until they solve the debt problems," said a Kuala Lumpur-based dealer.