Albion have not won since the start of November, with five draws and four defeats leaving them in 15th position in the Premier League table, two points clear of the bottom three.
That run saw Steve Clarke sacked earlier in December but Olsson – who has made 18 league appearances this season – insists morale has not dropped within the squad and he is confident they can get back to winning ways against Newcastle United on Wednesday.
"We need to get a win and then we will feel more comfortable," he told the club's official website.
"The quality is there. The belief has been there all along but your confidence is affected by results, regardless of performances.
"It's nice to be undefeated in three but we need to turn one into a win.
"You can't keep drawing games - but when you're playing teams who are around you in the table it's also important not to lose.
"We'll take the point and try to chase those three points on New Year's Day instead."
West Brom's latest draw came at Upton Park as they twice came from behind to earn a 3-3 draw against West Ham.
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