I'm a bit skeptical that this is a fungus. It may well be a form of eczema. This is best treated with a cortisone cream. New spots may appear, and the redness may persist for some time even after the spots go away. I'd advise you to see a dermatologist, who can diagnose you and give you perspective on what to expect.
I can't think of any connection between the condition, the cream, and your menstrual cycle.
My daughter has the same problem with raised red circles on her lower legs. It started out as one small circle that itched. I took her to a dermatologist and he said it was excema, but it's been 2 years or more and I forgot what he perscribed. Whatever it was, it didn't work. My grandmother said that it looked like ringworm. I really didn't pay much attention to it because it was so small and hardly ever bothered her untill here recently the circles got 3 times the size they were and multiplied to at lease three on each leg even down to her ankle and just below the knee. So my grandmother said to put clear fingernail polish on them because she swore that they were ringworm. So I did, and oh my gosh, they are almost completely gone. It's wonderful because it looks soooo much better. There are a few that are not even there anymore. But what troubled me was, tonight after showering for school, she came and said that something was itching on the back of her upper leg. It is another ring. Really small though, so I immediately put fingernail polish on it tonight. My daughter is 6 and it hasn't hurt her any so why not give it a try. Her pediatrican gave her some kind of lotion to put on them but said it would take at lease a month to see any difference. After about 5 weeks I was fed up. The stuff wasn't working. She also said it was ring worm. If you have any questions email me at ***@**** because I probably won't check on this sight anymore. Hope this helps if you decide to try it. P.S. Keep a layer of polish on them all the time until they go completely away.
if it is in fact a fungus, it sounds a hell of a lot like ringworm. i have a history of it and they are usually perfectly round, raised with a circular indentation in the middle. molluscum contagiusum can also take on a similar appearance.
A related discussion, raised red circles
A related discussion, raised red ring on my leg