The dollar has been on fire.
It's sitting at a seven-year high against the Japanese yen, a two-year high against the euro, and the broader dollar index is at the highest point since March 2009.
As the dollar marches higher, it's gaining a lot of fans along the way.
Hedge funds and other large speculators have been boosting their long dollar positions. It's now a $48 billion bet, the largest since 2008, according to weekly data from the Commodities Futures Trading Commission.
But new highs and crowded positions aren't keeping top strategists from betting on the buck in the new year.
Dollar strength has been fueled by better economic data in the U.S. relative to weaker numbers and trends in Europe, Japan, China and elsewhere. That's created an interest rate gap in the dollar's favor, as the market positions itself for a interest rate hike from the Fed in 2015 and easier policies elsewhere.
Recent reports on the U.S. economy—from services to manufacturing to jobs—confirm its ability to withstand global weakness and outperform other major economies.