Note: I toast and grind my fennel seeds. I just put them in a non stick pan and toast til lightly brown and fragrant. Then I ground them into a powder. I store it in a extra spice bottle.
In the bowl of a stand mixer fitted with the paddle attachment, mix butter cheddar, salt, cayenne pepper, coriander and fennel, until soft and well incorporated.
Add flour and mix on low speed; the dough will be dry and pebbly. Slowly add the water and continue to mix and the dough comes together into a mass.
Pat dough into a disk, wrap tightly with plastic wrap, and refrigerate for 1 hour.
Preheat oven 375 F and line baking 2 sheets with parchment paper. Divide the dough into two pieces. Roll each into a very thin (1/8 Inch or less) 10x12 inch retangle. Using a pizza cutter or a fluted pastry cutter, cut the rectangle into 1 inch squares, then transfer unto baking sheet. Punch a hole in the center of each square. I used the end of a beater of a hand mixture. A chop stick works well too.
Bake for 17 minutes or until puffed and browning at the edges. Watch carefully. Move the crackers to racks to cool. Store into a air tight container.