Guys, I think you need to consider the moveset in an underused context... nobody will seriously use Hitmonchan in standard play.
		
		
	 
Yeah, no.  I fully intend to use Hitmonchan in standard play.
I've heard conflicting information on Iron Fist, and there's still no certainty whether it's a 1.2x boost or a 1.3x boost, unfortunately.
The tricky thing with Hitmonchan in advance was EVing it.  Most people decided to make it Hitmonlee Jr. and just 252/252 Attack/Speed it, but I really disagree with that mindset.  With any Pokemon whose stats seem to be neither here nor there, I think a more delicate EV balance is required.
I like throwing EVs into Hitmonchan's HP, as it lets Hitmonchan take a Psychic (and its Defense stat isn't awful either).
Probably something like 252 to HP, 208 to Attack, rest in Speed with Adamant personality could work.  This results in 304 HP, 327 Attack, 194 Defense, 200 Speed, 95 Special Attack, and 256 Special Defense.  
In any case...
Substitute
Focus Punch
Ice Punch/Thunderpunch
Sky Uppercut/Close Combat
@Leftovers
It's basically Misty's set, but with an elemental punch over Stone Edge.  While I normally don't mind slightly inaccurate moves, I think the punches give a little more coverage and handle certain threats like Salamence and friends.  They can still hurt ghosts too, and are comparable in power to Stone Edge bar critical hits.
An Ice Punch from Hitmonchan with 327 attack does roughly 85%-100% damage to a max defense, max HP Salamence AFTER intimidate.  Similarly, a max defense/max HP Garchomp (without intimidate of course), will definitely be OHKO'd.  This is assuming a 1.2x boost from Iron Fist.  In this vein, Hitmonchan is potentially a good Choice Scarf user with the right EVs, but that's another moveset for another day.
Leftovers is the obvious item, and is useful for just healing off some sub damage.  Hitmonchan also resists Stealth Rock, which is nice.  Hitmonchan won't stay in very long anyway, and the fairly reasonable Defense and the pursuit resist keep it from getting clobbered by, say, a Pursuit Heracross.