Brazilian Congress Closes in on summons after a failed last effort by the Rousseff administration to prevent her impeachment process from moving forward, by asking the Brazilian Supreme Court to stop the process, the country is expected to watch as the Brazilian Lower House of Congress starts its deliberations today.

The process is expected to last until Sunday when a vote is expected later that day. According to many analysts, the probability of getting the necessary two-third majority vote from the members of the Lower House, to move forward is exceedingly high.

This means that the country may start next week with a new president. This will happen if President Rousseff resigns after the negative vote by the Lower House of Congress.

However, even if the impeachment process moves forward, the resignation of the president will not stop the process like it happened when ex-president and now Senator Fernando Collor de Mello, resigned at the start of his impeachment process in 1992.

However, even if this is true, do not expect the Brazilian economy to recover growth any time soon.

As result of above political turmoil, from last couple of days, USDBRL holding stronger at 8 month lows.

But ever since the pair forms shooting star with RSI downward convergence above overbought territory, so one can short in near month futures for hedging downside risks as the dips are expected to drag further but not a drastic slumps, or go long in USD/BRL 1Y ATM vs sell 18M strangle, 1:2 vega.