We present a detailed spectral analysis of Chandra/ACIS-S CC mode observations of the massive X-ray binary system SMC X-1 .
The system was observed during both the high and low X-ray states of the roughly 60-day superorbital period .
The continuum spectra during both states are well represented by a power law with photon index \alpha =0.9 and a blackbody of kT = 0.15keV .
The high state spectra are dominated by the continuum and independent of orbital phase whereas the low state spectra show a strong orbital dependence as well as line emission from O , Ne , Mg , Fe , and Si .
This is consistent with the states attributed to disk precession : during the high state X-ray emission is dominated by the compact source which is abrubtly eclipsed and during the low state the compact object is hidden by the disk and a larger , less luminous scattering region is responsible for the X-ray emission .
A prominent Ne IX feature places a stringent limit ( Log \xi = 2.0-2.5 ) on the ionization parameter which constrains the wind dynamics of the system .
The Fe line fluxes are related linearly to the blackbody fluxes indicating that both originate in the same region or are excited by the same mechanism .
There is evidence for structure in the Fe-line that can not be fully resolved by the current observations .
The pulse period measured during our observations , 0.7057147 \pm 0.00000027s shows that the uninterrupted spin-up trend of SMC X-1 continues .
We discuss the implications of our results for models of SMC X-1 .