A high-resolution in situ sensing system and method for providing continuous measurements of at least one dissolved analyte including a sample processing cell having at least a first conduit defining a first passage with at least one selectively-permeable wall capable of passing a portion of the sample liquid into a processing, fluid. The at least one selectively-permeable wall substantially resists flow of another portion of the sample liquid therethrough. Processing fluid is directed through the first conduit while moving the sample liquid and the reagent fluid relative to each other in one of a stationary, concurrent or a countercurrent flow relationship to achieve either partial or full equilibration between the sample liquid and processing fluid to generate at least partially equilibrated reagent fluid and a processed sample in a substantially continuous manner.