The London club finds itsef 11 points behind leaders Manchester United with 15 games to go in the season; but Cahill thinks the Blues still have a lot to play for this season.
"We've just got to keep looking upwards, make sure we're in the Champions League spots for next season. We're still involved in both cups and we want to go as far as we possibly can in the Europa League," Cahill told reporters.
He added, "We just want to keep winning games. A lot of teams this season have slipped up here and there so we need to win as many as possible in the last four months of the season.
"We do still look at what City and United are doing. It's been frustrating because there have been many times this season when we've almost got ourselves back in there and then we just let it slip.
"But we're more than capable of putting a run together and winning nine out of 10 games. That's what we need to aim for us and see where that takes us."
The England defender is also confident Chelsea can overturn its two-goal deficit in the Capital One Cup semifinal against Swansea.
The European champions go to Wales on Wednesday having to attack from the off and the 27-year-old believes Chelsea showed glimpses of its attacking prowess during the first half against Arsenal on Sunday.
"Swansea will probably have enjoyed watching us having to work so hard [as Arsenal rallied in the second half] but they will also have seen just what we can do in the first half," Cahill explained.
"We possess the players and the class to massively hurt teams. But consistency is the key for us. Sometimes we've had a few results this season which we would expect to win but haven't.
"The first goal [against Swansea] will be massively important and it's one of the biggest games of the season for us."
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