Operator Estimates for Fredholm Modules We study estimates of the type $$\Vert \phi(D) - \phi(D_0) \Vert_{\emt} \leq C \cdot \Vert D - D_0 \Vert^{\alpha}, \quad \alpha = \frac12, 1$$ where $\phi(t) = t(1 + t^2)^{-1/2}$, $D_0 = D_0^*$ is an unbounded linear operator affiliated with a semifinite von Neumann algebra $\calM$, $D - D_0$ is a bounded self-adjoint linear operator from $\calM$ and $(1 + D_0^2)^{-1/2} \in \emt$, where $\emt$ is a symmetric operator space associated with $\calM$. In particular, we prove that $\phi(D) - \phi(D_0)$ belongs to the non-commutative $L_p$-space for some $p \in (1,\infty)$, provided $(1 + D_0^2)^{-1/2}$ belongs to the non-commutative weak $L_r$-space for some $r \in [1,p)$. In the case $\calM = \calB (\calH)$ and $1 \leq p \leq 2$, we show that this result continues to hold under the weaker assumption $(1 + D_0^2)^{-1/2} \in \calC_p$. This may be regarded as an odd counterpart of A.~Connes' result for the case of even Fredholm modules. Categories:46L50, 46E30, 46L87, 47A55, 58B15