You respond with Cloudshift, which does the following:
Fiend Hunter is exiled - here, its second ability triggers, but that trigger doesn't go on the stack yet.
Fiend Hunter returns to the battlefield - here, its first ability triggers again, but that trigger doesn't go on the stack yet.
Now, since a spell has finished resolving and the active player would receive priority, state-based actions are checked (and there are none), so NOW abilities can go on the stack. Here, the controller can place the two abilities waiting to go on the stack in any order. In this particular case, that order is irrelevant---the Fiend Hunter's Leaves-the-battlefield ability will not do anything no matter when it resolves, because the triggered ability linked to it hasn't resolved yet (it's on the bottom of the stack, waiting patiently).
So your proposed stack is one possibility:
ETB trigger for Fiend Hunter
LTB trigger for previous Fiend Hunter
ETB trigger for previous Fiend Hunter
But there is another possibility:
LTB trigger for previous Fiend Hunter
ETB trigger for Fiend Hunter
ETB trigger for previous Fiend Hunter
But like I said, in this particular case, both possibilities have the same outcome.