The use of Psych Up copies all of the stat modifications of the opposing pokemon, at the time of use, to the pokemon using Psych Up.
The stats affected include Attack, Defense, Speed, Special Attack, Special Defense, Evade, and Accuracy.
When the stat alterations from Psych Up are applied, any existing stat modifications on the using pokemon will no longer be in effect. For instance, if a pokemon that has already used Agility uses Psych Up on a pokemon that has only used Swords Dance, the using pokemon will no longer have the benefit of the Agilities that it has used before the use of Psych Up.
Psych Up will automatically fail if used against an opponent that has no stat modifications on it. Unlike what had been thought of the move at one time, Psych Up will copy the stat modifications from an opposing pokemon even if the only modifications are stat decreasers.
Since the stat modifications from the status conditions Paralysis and Burn are treated seperate from other stat modifications, they are not among the stat modifications that will be copied by Psych Up. As an extension of not copying stat decreasers from status ailments, Psych Up will fail if these are the only stat modifications on the opposing pokemon, as if they had no stat modifications at all.