Forest have won three of their last four fixtures and wrapped up the win thanks to Damien Delaney's own goal.
David McGoldrick's cross from the left was missed by Ipswich goalkeeper Marton Fulop and the ball went into the net off Delaney, who could not get out of the way in time.
Davies is aware that his side can not afford to rest on their laurels as they push for a play-off spot in 2011, but was happy to praise his players for their efforts against the Tractor Boys.
"It was a fair result," said Davies. "We had some great chances and we've got to be delighted with 10 points out of 12 over Christmas.
"In terms of our league position, we can't get too excited because there's a long way to go."