The dollar, despite widespread pessimism, could stage a sharp rally

A few years ago, ever rising home prices seemed like a sure bet. Today, Wall Street's sure bet is a weak and falling dollar. But investors would be wise to consider what would happen if the conventional wisdom were to fall short yet again and the greenback staged a turnaround.

While some giant fund managers say that the dollar has no place to go but down thanks to record deficits, a handful of investors with a knack for going against the grain have started to look for a rally instead. As the status quo increasingly counts on a glide down, any surprise -- positive or negative -- could lead to a sharp reversal that would have major implications for investors.