The Foals have not won in eight Bundesliga matches, slipping from fourth to seventh in the process and seeing their European aspirations suffer a setback.
Favre is nevertheless remaining optimistic that his side can turn things around over the remaining 10 games of the season to snatch a place in Europe, just as long as they don't panic.
"There are times in football when things don't go for you and you've got to have faith in your strength and only correct the minor details," said the Swiss.
"We could have had far more points than we've got, but we just failed to take our chances and should have avoided conceding some stupid goals.
"But now it's high time we won."
Despite their slump, Gladbach have managed to hold a one-point advantage over their next opponents Augsburg, who Favre rates as a serious rival for a place in the Europa League next season.
"They're extremely strong on the counter-attack, when they win possession," he said.
Favre is without the suspended Granit Xhaka and Christoph Kramer, meaning he will have to change things around in his midfield.
"I'm not worried, it will work out," said the Gladbach coach.
Augsburg have won only one of their last seven encounters with Gladbach, but former Foal Raul Bobadilla hopes that run will not continue.
"I keep my fingers crossed for Gladbach on 32 weekends of the season, but not when they are playing us," he said on the Augsburg website.
"We got a point in the reverse fixture and I hope we can now take the next step towards survival."
Bobadilla has only just returned to team training and is therefore doubtful to face his former club.
"I would love to be involved and to meet some of my former team-mates - it would be a special game for me, but it's the coach who decides whether I'm fit enough," said the Argentine.
"I had a great time there, but I still hope we can get something with Augsburg."