まだどちらと決したわけではありませんので、引き続き成り行きを見守りたいと思います。

、。

It hasn't been decided either way yet, so we'd like to keep watching how things develop.

Literal

Still which-side [quotative-と] decided [explanation-わけ] [topic-では] not-exist [because-ので], continuing course-of-events [obj-を] want-to-watch-over [quot-と] think.

決する is a sinified, formal counterpart to 決まる 'to be decided,' common in written/official contexts. わけではない is the 'it's not that (X)' frame, here softening / negating an expected conclusion: 'it's not that one side or the other has been decided.' The polite-formal register is held throughout — ので (rather than から), the softening ~たいと思います, and the formal vocabulary 引き続き, 成り行き, 見守る.