Lightly coat an 8" square pan with cooking spray. Set aside. Blot cherries dry with paper towels.
Combine chocolates in a heavy saucepan; place over very low heat, and stir constantly until melted and smooth. Remove from heat, and stir in sweetened condensed milk and cherry juice. Stir in pecans. Spoon mixture into prepared pan. Immediately press cherries into fudge, leaving top of each cherry and stem exposed. Cover and chill fudge 2 hours or until firm.
Cut fudge into 36 squares. Store in an airtight container in refrigerator.