I may be missing something but here is my question. If I am long the EUR/USD and long the USD/CHF and they are negatively correlated, so that as one currency goes up, the other goes down (more or less). Is the same negative correlation in place if I am short the EUR/USD and short the USD/CHF? in other words if I am short both both pairs do they "off-set" each other in the same way as I was long in both positions. Does the "hedge" work the same way ?