“Investors will likely become better sellers of rallies and at the same time look for hedges ahead,” the strategists added.

Related: 6 ETFs for a Weaker U.S. Dollar

UUP includes a hefty 57.6% tilt toward the euro currency and 13.6% to the Japanese yen.

On the other hand, traders considering a bearish position on the dollar can consider the PowerShares DB US Dollar Index Bearish (NYSEArca: UDN), an inverse though not leveraged bet against the greenback, which can be seen as the direct inverse play against UUP.

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