NEW YORK ( TheStreet) -- The dollar index was held at swing point 1 resistance in overnight trade with a break above 79.80 likely to target 80.15 in-line with Eur/Usd trading around the 1.3250 swing point support 2 price point if equity trade holds higher.Gbp initially absorbed near-term dollar buying in the overnight session as European equity futures balanced weak order flows, and held support just above the Gbp/Usd swing point 1 at 1.5450. Both Eur and Gbp would have little choice but to break higher and re-take lost overnight ground if S&P 500 futures trade breaks resistance at 1260, which it had been trying to do in the overnight session. The Usd initially held steady at support against Cad and Aud after both currencies made moves last week that tracked oil higher and the dollar lower. Regional Bank Holiday trading sessions allowed commodity futures markets little chance to break above recent highs, and with low participation levels in pre-Wall Street trade both currencies would give back ground to the buck if WTI oil trade moved lower through 90.00 support, or gain ground if oil held close to 91.50. Jpy and Chf looked vulnerable to a pull-backs and some dollar buying in the near-term if S&P 500 futures trade breaks overnight resistance at 1260. Traders will be looking for any moves lower in equity trade through 1255 to draw in sellers of Jpy and Chf, with a continued sideways chop if equity markets hold steady. Care has to be taken in low-liquidity times, especially as regional markets open and close, with wide spreads and low-momentum reversals creating potential, but at a more expensive trading price than normal. Risk Markets. Asian equity trade was very quiet overnight with little follow through as Japanese Nikkei futures trade held at 10200, with Hong Kong futures markets containing the Hang Seng at 23420. European equity futures took full advantage of a closed cash market to reverse the German Dax off last week's 6900 test of support, which in turn allowed S&P 500 futures the chance to move up and test 1260 ahead of a live cash Wall Street session. The inverse Usd/Equity correlation was sporadic in overnight trade, due to most of the regional markets being closed for a Bank Holiday.