With oil down sharply since July, big energy producers such as BP (BP) and Royal Dutch Shell (RDSA, RDSB) could be contrarian dollar plays, Draaisma says. "Oil companies have a lot of things you want, like strong balance sheets and high dividend yields, but they also have some cyclical exposure," he notes.

With oil down sharply since July, big energy producers such as BP (BP) and Royal Dutch Shell (RDSA, RDSB) could be contrarian dollar plays, Draaisma says. "Oil companies have a lot of things you want, like strong balance sheets and high dividend yields, but they also have some cyclical exposure," he notes.

With oil down sharply since July, big energy producers such as BP (BP) and Royal Dutch Shell (RDSA, RDSB) could be contrarian dollar plays, Draaisma says. "Oil companies have a lot of things you want, like strong balance sheets and high dividend yields, but they also have some cyclical exposure," he notes.

France's Total (TOT) is another potential beneficiary of a stronger U.S. currency.

On the downside, shares of miners, such as Xstrata (XTA) and Rio Tinto (RTP), have shown the biggest negative correlation to greenback rallies.

On the downside, shares of miners, such as Xstrata (XTA) and Rio Tinto (RTP), have shown the biggest negative correlation to greenback rallies.

With pharma shares down only 11% in a year that has seen many stocks crater by 30% or 40% or 50%, the industry's charms aren't exactly undiscovered. Still, Roche Holdings (RHHBY) and Novartis (NVS) remain in the Morgan Stanley European model portfolio, and could continue to outperform, Draaisma says. GlaxoSmithKline (GSK) derives about 45% of sales from the U.S., and also could be helped by a higher buck. Historically, price increases in all three drug stocks have been among the most highly correlated with a rising dollar.

With pharma shares down only 11% in a year that has seen many stocks crater by 30% or 40% or 50%, the industry's charms aren't exactly undiscovered. Still, Roche Holdings (RHHBY) and Novartis (NVS) remain in the Morgan Stanley European model portfolio, and could continue to outperform, Draaisma says. GlaxoSmithKline (GSK) derives about 45% of sales from the U.S., and also could be helped by a higher buck. Historically, price increases in all three drug stocks have been among the most highly correlated with a rising dollar.