That brings into play those assets that investors tend to park their cash in at times of unease.
Analysts said the Swiss franc, also known as the Swissie, ticks all the boxes of a safe-haven: It is a liquid (which means it is easy to buy and sell), is backed by a country with a current-account surplus and has a stable government and legal system.
These factors will outweigh the impact of negative interest rates, put in place by the Swiss National Bank (SNB), in an effort to dent the franc's appreciation, said Rabobank's Foley.
"If you're looking for a safe-haven, you're not necessarily worried about returns on your investment; you're just worried about getting it back," Foley said.
The Swiss franc soared in January after the SNB abandoned the cap on the franc's value against the euro and cut its key interest rate to -0.75 percent from -0.25 percent.
On Tuesday, the euro fell to 1.0324 Swiss francs, its lowest level in almost three weeks. It has weakened 13 percent against the franc, since the SNB ended the cap in mid-January.
Further strengthening in the Swiss franc that hurts exporters, could trigger more intervention from the SNB, either verbally or with practical measures, analysts said this week.
"From a geographical perspective, I would be looking at the Swiss franc and the (U.K.) pound," David Greene, head of dealing at AFEX Australia, told CNBC on Monday, referring to preferred safe-havens due to the Greek crisis.
"Potentially, there could be more flows back into the (Japanese) yen," he added.