USD/KZTU.S. DOLLAR / KAZAKHSTANI TENGEFX_IDC:USDKZTTJ-001In February, the USD/KZT pair initially dropped to a 2025 low of 487 tenge before rebounding to 504. While the trend remains formally bearish, we believe the bottom has formed and the dollar will now appreciate against the tenge. The immediate upside target is 523 tenge, followed by the historical high near 550. Long-term trend: Down Resistance level: 523, 550 Support level: 487