In small bowl, combine all fruit mixture ingredients; mix well. Let stand at room temperature for at least 1 hour, stirring occasionally.
Lightly spoon flour into measuring cup; level off. In large bowl, combine 1 cup flour, sugar, salt and yeast; mix well. In small saucepan, heat 3/4 cup milk, water and shortening until very warm (120 to 130°F.). Add warm liquid and egg to flour mixture; blend at low speed until moistened. Beat 3 minutes at medium speed.
By hand, stir in an additional 2 cups flour and fruit mixture until dough pulls cleanly away from sides of bowl. On floured surface, knead in 1/2 to 1 cup flour until dough is elastic, about 5 minutes. (Dough will be sticky).
Place dough in greased bowl; turn to grease all sides. Cover loosely with plastic wrap and cloth towel. Let rise in warm place (80 to 85°F.) until doubled in size, about 1 1/2 hours.
Punch down dough several times to remove all air bubbles. Cover; let rise in warm place until almost doubled in size, about 30 minutes.
Grease cookie sheet. Punch down dough several times to remove all air bubbles. On lightly floured surface, roll to 12x8-inch oval. Fold in half lengthwise; form into crescent shape. Press folded edge firmly and pinch open edges together to prevent dough from springing open during baking. Place on greased cookie sheet. Cover; let rise in warm place until doubled in size, 35 to 45 minutes.
Heat oven to 375°F. Uncover dough. Bake 25 to 35 minutes or until golden brown. Immediately remove from cookie sheet; cool on wire rack for 1 hour or until completely cooled.
In small bowl, combine powdered sugar and enough milk for spreading consistency; blend until smooth. Spread over cooled loaf. Garnish with almonds and candied cherries.