Let $(\mathscr{X}$, $\mathscr{Y})$ be a balanced pair in an abelian category. We first introduce the notion of cotorsion pairs relative to $(\mathscr{X}$, $\mathscr{Y})$, and then give some equivalent characterizations when a relative cotorsion pair is hereditary or perfect. We prove that if the $\mathscr{X}$-resolution dimension of $\mathscr{Y}$ (resp. $\mathscr{Y}$-coresolution dimension of $\mathscr{X}$) is finite, then the bounded homotopy category of $\mathscr{Y}$ (resp. $\mathscr{X}$) is contained in that of $\mathscr{X}$ (resp. $\mathscr{Y}$). As a consequence, we get that the right $\mathscr{X}$-singularity category coincides with the left $\mathscr{Y}$-singularity category if the $\mathscr{X}$-resolution dimension of $\mathscr{Y}$ and the $\mathscr{Y}$-coresolution dimension of $\mathscr{X}$ are finite.