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Addressing the issues of intersubjectivity and hermenutics and their relevance for psychoanalysis, the author presents a model for interpreting inspired by the existential hermeneutics of Martin Heidegger. This analysis is then applied to the clinical reality of the psychoanalytical situation. The author discusses the matrix of transference, the analytical dialogue as a form of reflection, the functions of hope and faith, and lastly, truth as faithfulness in the hermeneutic context.