This thread is resolved. Here is a description of the problem and solution.
Problem: Product variations swatches are not shown correctly
Solution: The Product variation swatches color fields are showing in the translation after the following steps.
1) Go to WPML>>Settings>>Custom Term Meta Translation 2) Choose *Copy* as translation preference for *product_attribute_color* field 3) Save the changes 4) Go to Products>>Attributes>>Color 5) Quick the Color terms
Relevant Documentation: https://wpml.org/forums/topic/product-variations-are-not-shown-correctly/#post-4449461
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