This thread is resolved. Here is a description of the problem and solution.
Problem: How to translate Fusion Slider when the user uses WPML blog package or how to translate fusion slider when we do not have translation management?
Solution: Please create two separate sliders. Each one for one language.
Now in your translated page, you can select the slider you want.
So basically you have to create 2 sliders for two languages.
This is the technical support forum for WPML - the multilingual WordPress plugin.