The pic you have attached looks like a ringworm or fungal infection. Monoguard is an antifungal cream.
If you have self medicated yourself with steroid based cream before visiting a specialist the response comes a little late.
Next Steps
continue with your treatment for at least 15 days. go back to your specialist. you might need oral antidungal agents and anti allergic medications.
Health Tips
get a skin scraping with 10 per cent koh exam to confirm fungal infection.