Skin Rash on penis, What could this be?

Hi, Over the past two to three weeks i have had a red, non-sore rash appear on my penis. the rash is located on my foreskin. It Doesnt itch or cause any discomfort. The only symptoms are red rash and dry skin, Sometimes the skin peels. I have tried using moisturizer but its hasnt help clear it up. I think it maybe eczema or something similar, however the rash is not causing any discomfort. I am starting to really worry about this and i was wondering if anyone knew what this was and any way of clearing it up and getting rid of my worries.

Thanks guys, would really welcome any advice and help. Thanks again.