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Monaco had never beaten the Spaniard in two prior meetings and it looked like he would fall again, but used a dominating final two sets to take the win and will now try to reach his third finals at this event.
He also reached the title contest of this clay-court event in 2010 at Santiago, and 2008.
In other quarterfinal action, seventh-seeded Carlos Berlocq grounded qualifier and fellow Argentine Federico Delbonis 6-3, 6-4, and Frenchman Jeremy Chardy downed Portugal's Frederico Gil 6-2, 7-6 (7-5).
Moscow, Russia (Sportsbook Betting Lines) - Maria Sharapova and Svetlana Kuznetsova earned dominant straight-set wins Saturday to give Russia a commanding 2-0 edge in its Fed Cup quarterfinal against Spain. Sharapova, last week's Australian Open runner-up, rolled to a 6-2, 6-1 win over Silvia Soler-Espinosa in the opener, before Kuznetsova cruised to a 6-3, 6-1 triumph over Carla Suarez Navarro in a mere 68 minutes.
Sharapova will again be first up in the reverse singles against Navarro. Kuznetsova is then scheduled to meet Soler-Espinosa, although each captain can make changes. The doubles match is slated to pit Ekaterina Makarova and Nadia Petrova for the Russians against the Spanish tandem of Nuria Llagostera Vives and Arantxa Parra-Santonja.
The Spaniards are playing in the Fed Cup's World Group for the first time since 2009. They have won the title five times, most recently in 1998 with current captain Arantxa Sanchez-Vicario leading the way.
Biella, Italy (Sportsbook Betting Lines) - Italy and the Ukraine are surprisingly even after Saturday's opening singles matches of their Fed Cup quarterfinal. The matchups and home court clearly favored the Italians and Sara Errani gave the hosts the first point with a 6-2, 6-3 thumping of Kateryna Bondarenko. With former French Open champ Francesca Schiavone set for Saturday's second match, it appeared the Italians would have a big edge heading to Sunday.
Enter Lesia Tsurenko.
Schiavone will have a chance to make amends in the first reverse singles match on Sunday against Bondarenko. Tsurenko and Errani are slated to meet in the second match of the day. The scheduled doubles match will pit Errani and Roberta Vinci against Olga Savchuk and Yuliya Beygelzimer.
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MySportsbook.com Week 1 odds:
Saints +6 @ Colts -6
Falcons @ Vikings (pick ‘em)
Panthers @ Rams (pick ‘em)
Broncos -3.5 @ Bills +3.5
Chiefs -1 @ Texans +1
Dolphins +3 @ Redskins -3
Patriots -5 @ Jets +5
Eagles -3.5 @ Packers +3.5
Steelers -4 @ Browns +4
Titans +6 @ Jaguars -6
Bears +6 @ Chargers -6
Lions +3 @ Raiders -3
Bucs +6.5 @ Seahawks -6.5
Giants +4 @ Cowboys -4
Ravens +3 @ Bengals -3
Cardinals +3 @ 49ers -3
Super Bowl line (2008)
NFC +6.5 vs. AFC -6.5
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