Yes, you can place a div within a div to get this done.
create an outer div:
<div class="outer">
<div class="cycle-slideshow"
data-cycle-pause-on-hover="false"
data-cycle-speed="2000"
data-cycle-timeout="4000"
>
<!--your images go here-->
<img src="http://malsup.github.com/images/beach1.jpg">
<img src="http://malsup.github.com/images/beach2.jpg">
<img src="http://malsup.github.com/images/beach3.jpg">
<img src="http://malsup.github.com/images/beach4.jpg">
<img src="http://malsup.github.com/images/beach9.jpg">
</div>
<!--end slideshow-->
</div> <!--end outer-->
Then in CSS you can use margins to center cycle-slideshow inside outer.