Rangers have yet to win in the league this season and have taken just two points from their opening seven games.
The run of form has led to speculation over Hughes' future at Loftus Road, but Fernandes has backed the Welshman to turn things around.
"If the team was playing badly, if the dressing room was dispirited then you would have to say something's not right, but the team is playing well," Fernandes told Sky Sports News. "We have given away goals and we have critical injuries in critical places.
"Unfortunately or fortunately we are a higher profile club, we are five points away from being in the middle and you don't see the other clubs getting the kind of pressure we're getting but that comes with the territory.
"So no panic. Mark's done it in Fulham, he's done it in Blackburn and I have got to say even at Man City the core championship side were players Mark brought in.
"So he has my full confidence and I hope I am proven right in a big way that I can answer all these critics and armchair critics."
Borussia Dortmund hears Wembley Calling and are headed to London for the Champions League final.
The Juventus jersey for the 2013/14 was released earlier this week. Be the first to wear the colors of the Old Lady.
The Liverpool 2013/14 soccer jersey is available for pre-order. The Reds are eager to compete for silver next season.
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
One of the top soccer cleats for control the Nike CTR360 will not let you down on the field in tight spaces.
The adidas Nitrocharge is the most talked about new cleat in years. It was released on May 15 and will take your pitch by storm.
adidas has added some color to the Predator line with this new colorway. Released on May 17. Be the first to own a pair.
The push for more color on their cleats, adidas has added the infrared colorway to the adiZero f50 Line.
Ajax has released their away soccer jersey for the 2013/14 season. Get in the Gear.
Bayern Munich are kings of Germany and hope to be crowned kings of Europe at Wembley later this month!