However, Lien warned that the dollar rally could slow after the hike.

Additionally, a potential pullback in the Chinese equities market could “drive demand for dollars,” according to Lien. China could also loosen capital controls, which would allow more Chinese investors to invest overseas and help bolster USD strength if the domestic market turns. Over the next few weeks, the State Council is expected to announce that individual Chinese and businesses can directly purchase stocks, bonds and real estate in foreign markets, reports Lingling Wei for the Wall Street Journal.

Lastly, the persistent Greek concerns could continue to weigh on the euro currency, which would help drive the dollar index higher.

“Greece continues to be a constant headache for the euro zone,” Lien said. “But I think that even if they’re not going to pay the bills, they’re not going to kick Greece out of the euro zone as well because the consequences are too severe for the region.”

For more information on the greenback, visit our U.S. dollar category.

Max Chen contributed to this article.