At Wimbledon, he lost in five sets to Mikhail Youzhny in the first round. He then represented Argentina at the 2011 Davis Cup quarterfinal against Kazakhstan and won both his matches. He then had to withdraw from the second round 2011 Swedish Open due to a foot injury. At the 2011 International German Open, he reached the third round, losing to Florian Mayer. He then fell early at the 2011 Rogers Cup and 2011 Western & Southern Open. He then played at the 2011 Winston-Salem Open, losing to Andy Roddick in the quarterfinals. Monaco reached the fourth round of the US Open, before losing to Federer. He then lost three matches in a row, starting with the 2011 Davis Cup semifinal, in a dead rubber he retired to Janko Tipsarević after losing the first set 6–2, and the first round of the 2011 Rakuten Japan Open Tennis Championships and the 2011 Shanghai Rolex Masters. He then reached his first final in over a year and a half at the 2011 Valencia Open 500, but lost to Marcel Granollers after upsetting Nicolás Almagro in the first round and David Ferrer in the semifinals. He then continued his success at the 2011 BNP Paribas Masters, with wins over Gilles Simon and Mardy Fish, before losing to Roger Federer in the quarterfinals. He finished the year no. 26 in the world. 2012 Monaco began his 2012 campaign at the 2012 Australian Open as the 25th seed, but was upset by Philipp Kohlschreiber in the first round. He then competed in the 2012 VTR Open as the top seed. He received a first-round bye, then defeated Igor Andreev, Albert Montañés, Jérémy Chardy, and finally Carlos Berlocq in the final. This was his fourth title and first since 2007, It also ended his seven consecutive runner-up finishes. He then represented Argentina against Germany in the first round of the Davis Cup and won his only match against Philipp Petzschner. He then played at the 2012 Copa Claro, losing to compatriot David Nalbandian. He then retired in his first-round match at the 2012 Abierto Mexicano Telcel due to dehydration against Albert Ramos. At the first Masters of the year, the 2012 BNP Paribas Open, he fell in the third round to eventual finalist John Isner. At the 2012 Sony Ericsson Open, he fell to world no. 1 and defending champion Novak Djokovic in his second Masters