The cocktail base can be prepared in advance; add the club soda just before serving.
Combine the cranberry and orange juices and the peach schnapps in 2-quart pitcher, and stir to combine. Set aside.
Just before serving, slowly pour club soda into cranberry mixture, and stir gently. Pour over ice-filled glasses. For each, thread a thin slice of orange and a single cranberry onto bamboo skewer and balance skewer on rims.