We are almost halfway through the dollar rally, Robin Griffiths from Cazenove Capital said Monday. Griffiths sees stock markets "topping" in March next year.
People have been trying to go for a rally in the dollar since October. Well, finally the trend has reversed and the U.S. currency has gained some and looks to gain more, Griffiths said.
His target for the dollar index is 81.
The rise in the dollar and subsequent falls in the euro, sterling and gold mean that "investors are taking risk off the table," Griffiths told CNBC.
"But the (overall) trend for the dollar is still negative," he added.