This article explores the nature of the interpretive function in contemporary psychoanalytic psychotherapy conceived as an intersubjective dialogue. It provides an account of the development of the hermeneutic approach in psychoanalysis, from the causal logic of its beginnings to its current grounding in uncertainty, flexibility, and complexity. Oriented toward understanding rather than explaining, interpretation engages the subjectivity of the therapist in a collaborative effort to elucidate, connect, and organize. Co-constructed, malleable, and always incomplete, it tries to moderate its unilateral occurrence, giving priority over explicit content to the infusion of security, dignity, and confidence, as felt and invested by the dialogic couple.