no, it may cause fruit to drop. R U having a drought? Water slowly at the base of the trunk if you are. Have you spaced the peaches evenly around on the branches? 6 to 8 " apart is recommended. Have you kept the branches pruned correctly?
My only problem with my peach trees are the deer, even with fence cages they seem to be able to reach the smaller trees. And they just stnand up on their hind legs to get to the taller branches.