The former Chelsea goalkeeper has acknowledged the Gunners were not good enough to hold off the German giants, but is adamant they can still progress in Europe
Arsene Wenger's men had recorded a 2-0 win over the Bundesliga champions in the reverse fixture, but were outclassed in Munich as Bayern cruised to a 5-1 win.
"It's tough to take but in a way you have to accept that the team you were playing against was superior to us today in everything they did, especially in the first half," Cech told the official Arsenal website.
"You now need to win two games and we need to make sure that the head to head against Olympiacos is in our favour. Then you can go through.
"Everything is possible. We have two games to play, we have to regroup and continue fighting until the last minute.
"It was not a day we wanted, but every game comes thick and fast. You need to make sure that you recover and move on to the next one."
Arsenal sit fourth in Group F with three points from four games, trailing second-placed Olympiacos by six points.