You can create your own actions and add them to the swipe options if you like. These actions can move emails to folders, set flags, mark as read, and reply with a template.
When you create actions to move emails to folders, these actions will appear in the watch app and in the folder list. Initially you will see Archive and Done actions, and then also whatever you create. There is a maximum of 5 actions to fit the watch screen. There is no limit to the number of actions in the iPhone/iPad app.

Open the left side panel and tap on "Settings" near the bottom and then tap on "Swipe Settings".
There you can create your own custom actions with the "Custom email actions" link at the top of the screen. You can add or remove (View) actions for each swipe direction by tapping on "Choose actions".

If you don't use actions in the swipe left or right choices, then those actions will appear in the action menu instead. Check to select an email and tap on the action menu button in the top right of the inbox.

You can edit the folders used by the "Archive" action in the "Custom email actions" screen too. You can choose which folder is the Archive folder for each of your email accounts.

You can also change swipe appearance to a button strip or a popup window in the "Swipe Settings" screen.