The chart below is the EUR/USD for those who need to hedge their EUR/USD risk.
The bottom pane indicate the percentage to hedge and this indicator did very well during the last months.
Remember that many companies got in trouble not hedging Forex risk at all.
Have a look on some other major currency pairs and their percentage to hedge on this link:
http://www.2hedge.com/mmfxhedge.html
Due to a holiday break I can only answer questions after March 28th.
Trading Forex in Baskets to diversify trading risk for both, speculative trading or hedging Forex risk by 

