Yes, PSYCHE is a Scrabble word!

Letter values in Scrabble US: P 3, S 1, Y 4, C 3, H 4, E 1.

Is it a valid word?

PSYCHE is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

that which is responsible for one's thoughts and feelings; the seat of the faculty of reason
the immaterial part of a person; the actuating cause of an individual life
(Greek mythology) a beautiful princess loved by Cupid who visited her at night and told her she must not try to see him; became the personification of the soul