As August 2 nears, a debt-ceiling deal appears to be receding, leaving many investors feeling uneasy.

How do you hedge against the Washington cacophony and find a trade that will cover you for a weekend of potentially dramatic ups and downs?

Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, institutional, thinks your best trade in this environment is essentially a hedge against uncertainty: she recommends selling the euro against the Swiss franc at 1.13.

It's a trade that has moved a long way, Patterson told CNBC's Scott Wapner, but the pair's moves are closely correlated with the price of gold, so it works as a safe haven.

But wouldn't a deal this weekend lift the dollar? That's complicated, Patterson says. "On one hand we are seeing the dollar sell off across the board on uncertainty," which would suggest a potential bounce if a deal gets done. But she points out that if a reasonable agreement is reached and risk appetite improves, you would probably "see American investors putting money overseas," so that might not help the greenback either.

"I think a dollar bounce is short-lived and it's probably more against things like the Swiss franc and yen. I think the dollar can stay weak against a lot of strong emerging market and commodity currencies."

Watch the whole discussion here:

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MULTI CURRENCIES v The Dollar

Tune In: CNBC's "Money in Motion Currency Trading" airs on Fridays at 5:30pm.

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