New document

Create a new document,I chose red and 400x400 canvas.

Pen tool

Now create a new layer and select the pen tool:

Draw a Curved Line

Make a point, then another to the right, and click-hold and make a curved line like so:

Editing Image

and then click on the original point (shown by a circle in step 3):

and then drag until it looks like this:

Duplicating Layer

Now duplicate this layer and press ctrl+t to rotate to looks like:

Add Text

Now perfect the semi-circles some, and then add some simple text: