Farke's side are eight points from safety at the bottom of the table, and are without a victory since November. They host second-bottom Bournemouth this weekend, who are also looking for their first win of 2020.
Farke said: "In order to be allowed to stay in this league, we need probably to win seven out of our last 16 games - we know this. So it's a huge task, but a task we want to fulfil. Because we've still got the chance, without any doubt.
"I can remember just a few years ago when Sunderland was able to beat the top sides in the Premier League and were able to close a big gap and it was a big surprise.
"It proves that in football, everything is possible. Our situation is, at the moment of course, difficult, but because there are 16 games to go, [it's] definitely better and easier than Sunderland a few years ago.
"And for that, it means we definitely have a chance and we're working on our little miracle, that's for sure.
"We know we are the underdog and it would be really a little miracle if we can stay in this league, but I think also our task is to work our socks off. If it doesn't work then we accept this."