"We are still in the hunt for everything," said Lampard. "If that's traumatic then that is a good sign.
"Was Rosenborg a turning point? No - we have been playing well for a while.
"The only recent slip was when we drew at home to Everton. We did lose a bit of ground in the league, but both the performances and the confidence in the squad have been good.
"But that has gone now - the club moves on. It has been an up-and-down season but I wouldn't call it traumatic. It hasn't felt like that at the club.
"We are confident and playing well. At one time we were mid-table but now we are close to the top - and through in Europe. We would have taken that two months ago.
"We are capable of winning the Champions League. We have shown that many times.
But we have also fallen at hurdles where we should not have fallen. The Premier League is first and foremost in my mind every season.
"But to win the Champions League... that is something I want to do as a Chelsea player.
"We have a squad capable of doing it. You learn from experience and there were times when we were the stronger team but got knocked out.
"It is not often the form team of the season that wins it. That shows you have to be on top of your game at the right moment."