A coiled tubing deployment system includes an offshore rig having a reel positioned thereon and coiled tubing wound on the reel. A guide arch receives the coiled tubing from the reel and a monitoring support guide fixed to the offshore rig receives and directs the coiled tubing into water. The monitoring support guide has a frame and at least two hydraulic rams. A depth counter measures the coiled tubing deployed from the reel and generates length measurement signals, and sensors coupled to the at least two hydraulic rams measure real-time lateral movement of the coiled tubing with respect to the monitoring support guide as the coiled tubing is deployed into the water and thereby generate sensor signals. A data acquisition system receives and processes the length measurement and sensor signals to provide an output signal indicative of real-time bending fatigue of the coiled tubing at select locations along the coiled tubing.