The two-dimensional and time-periodic wake flows produced by a pitching foil are investigated numerically for a fixed flapping amplitude. As the flapping frequency is increased, three regimes are identified in the time-marching nonlinear simulations. The first regime is characterized by nondeviated wake flows with zero time-averaged lift. In the second regime, the wake flow is slightly deviated from the streamwise direction and the time-averaged lift is slightly positive or negative. The third regime is characterized by larger deviations of the wake, associated with larger values of both the time-averaged lift and the thrust. The transition from the first to the second regime is examined by performing a Floquet stability analysis of the nondeviated wake. A specific method is introduced to compute the time-periodic, nondeviated wake when it is unstable. It is found that one synchronous antisymmetric mode becomes unstable at the critical frequency where deviation occurs. Investigation of its instantaneous and time-averaged characteristics show that it acts as a displacement mode translating the nondeviated wake away from the streamwise direction. Finally, it is demonstrated that the transition from the second to the third regime is linked to nonlinear effects that amplify both antisymmetric and symmetric perturbations around the foil.